A heat-peelable adhesive sheet which comprises a substrate and, formed on at least one side thereof, a heat-expandable layer containing heat-expandable microspheres and an adhesive layer comprising an adhesive substance and in which the substrate has heat resistance and stretchability can be used to cut an adherend so as to form and secure a sufficient space between the resultant cut pieces and can withstand a heat treatment for expanding the heat-expandable layer. Consequently, the adhesive sheet can heighten the operating efficiency and working efficiency in the step of separating and recovering the cut pieces.