A method of manufacturing a thermochromic substrate, with which transmittance can be increased. The method includes the steps of forming a first thin film as a coating on a base substrate, the refractive index of the first thin film being different from that of a VO2 thin film; forming a pre-thermochromic thin film by coating the first thin film with pure vanadium; forming a second thin film as a coating on the pre-thermochromic thin film, the refractive index of the second thin film being different from that of a VO2 thin film; and heat-treating a resultant stack that includes the base substrate, the first thin film, the pre-thermochromic thin film and the second thin film.