Heat-shrinkable polyester films having a heat shrinkability of 30% or more, preferably 40% or more, in the direction of major shrinkage after treatment in hot water at 80.degree. C. for 30 seconds, the ratio of heat shrinkability in the direction of major shrinkage after treatment in hot water at 80.degree. C. for 5 seconds to heat shrinkability in the direction of major shrinkage after treatment in hot water at 80.degree. C. for 30 seconds being 0.8 or less, preferably 0.7 or less. The heat-shrinkable polyester films are suitable for label applications because of their particular heat-shrinkable properties such that not only do they scarcely cause longitudinal sinking when shrunk but also they have very few wrinkles, shrinkage spots and strains remaining after shrinkage.