A high-reflectance silver mirror has a high-reflectance film comprising a silver layer formed on a base material made of phosphorus-containing glass. The high-reflectance film is formed by a wet film-forming process on an acid-resistant protection film covering the base material. A reflecting optical element employing the high-reflectance silver mirror, and a process for producing the high-reflectance silver mirror are also provided. The high-reflectance silver mirror is producible at a reduced cost and has improved reflectivity.