It is an object of the present invention to provide a heat-shrinkable multilayer film which, in the case of using the heat-shrinkable multilayer film as a heat-shrinkable label for a container, does not produce delamination in covering a container, is superior in heat resistance, oil resistance, tearing properties along the perforation and appearance and can prevent the reduction in strength between the layers after a printing step, and a heat-shrinkable label comprising the heat-shrinkable multilayer film as a base film. The present invention is a heat-shrinkable multilayer film which comprises: an outer surface layer comprising a polyester type resin; and an intermediate layer comprising a polystyrene type resin, said outer surface layer and said intermediate layer being laminated by interposing an adhesive layer comprising a polyester type elastomer or a modified polyester type elastomer.