The disclosed retroreflective sheet contains a retroreflective layer and a polyurethane surface protecting layer, wherein the surface protecting layer contains at least a reaction product of a polyol with either a polyester backbone or a polycarbonate backbone and a trifunctional or higher aliphatic isocyanate, and the glass transition temperature Tg of the surface protecting layer is 50° C. or higher, and the tan δ of the loss tangent at 120° C. is 0.1 or less.