A substrate holding apparatus prevents a substrate from slipping out and allows the substrate to be polished stably. The substrate holding apparatus has a top ring body for holding and pressing a substrate against a polishing surface, and a retainer ring for pressing the polishing surface, the retainer ring being disposed on an outer circumferential portion of the top ring body. The retainer ring includes a first member made of a magnetic material and a second member having a magnet disposed on a surface thereof which is held in abutment against the first member.