A polishing pad capable of improving an affinity to polishing liquid and stabilizing polishing performance is provided. A polishing pad 10 is equipped with a urethane sheet 2. The urethane sheet 2 has a polishing surface P for polishing an object to be polished. The urethane sheet 2 is formed by a dry molding method and is formed by slicing a polyurethane foamed body which is obtained by reacting and curing mixed liquid in which an isocyanate-group containing compound, water, a foam control agent and a polyamine compound are mixed. Foams 3 are dispersed approximately uniformly inside the urethane sheet 2. Opened pores 4 which are opened parts of the foams 3 are formed at the polishing surface P. Inside the urethane sheet 2, the foams 3 formed adjacently to each other are communicated by communication holes 9, and the communication holes 9 are formed at a ratio of 800 holes/cm2 or more when observed from a side of the polishing surface P. Polishing liquid moves via the communication holes 9 and the foams 3.