An apparatus for allying and dispensing a masking paper wound in a roll form includes a housing accommodating the masking paper, a group of rolls for taking the masking paper out of the housing and a cutter blade for cutting the masking paper. The masking paper is a relatively thin synthetic resin film folded in a plurality of parallel pleats and a relatively thick tape disposed along a longitudinal margin of the film and having a pressure sensitive adhesive layer formed on the opposite sides thereof.