A non-oriented electrical steel sheet having a high magnetic flux density and a low iron loss at not only a commercial frequency but also a high frequency zone, which has a chemical composition including C: not more than 0.0050 mass %, Si: more than 1.5 mass % but not more than 5.0 mass %, Mn: not more than 0.10 mass %, sol. Al: not more than 0.0050 mass, P: more than 0.040 mass % but not more than 0.2 mass %, S: not more than 0.0050 mass %, N: not more than 0.0040 mass % and Ca: 0.001-0.01 mass % and the remainder being Fe and inevitable impurities and a compositional ratio of CaO in oxide-based inclusions existing in a steel sheet of not less than 0.4 and/or a compositional ratio of Al2O3 of not less than 0.3, and a hot rolled steel sheet used as a raw steel material thereof.