Disclosed is a polishing slurry, particularly, a slurry for chemical mechanical polishing, which is used in a chemical mechanical polishing process for flattening a semiconductor laminate. More particularly, the present invention provides a method of producing a slurry which has high removal selectivity to a nitride layer used as a barrier film in a shallow trench isolation CMP process needed to fabricate ultra highly integrated semiconductors of 256 mega D-RAM or more (Design rule of 0.13 μm or less) and which decreases the occurrence of scratches on a flattened surface, and a method of polishing a substrate using the same.