The present invention is to provide a heat treatment method for effectively eliminating Te deposits in a ZnTe single crystal substrate, and a ZnTe single crystal substrate having an optical characteristic suitable for use of a light modulation element and having a thickness of 1 mm or more. A heat treatment method of a ZnTe single crystal substrate, includes: a first step of increasing a temperature the ZnTe single crystal substrate to a first heat treatment temperature T1, and retaining the temperature of the substrate for a predetermined time; and a second step of gradually reducing the temperature of the substrate from the first heat treatment temperature T1 to a second heat treatment temperature T2 lower than the heat treatment temperature T1 with a predetermined rate, wherein the first heat treatment temperature T1 is set in a range of 700° C.≦T1≦1250° C. and the second heat treatment temperature T2 is set in a range of T2≦T1−50.