A projection screen that includes a transparent substrate, a plurality of micro-lens structures, a Fresnel lens structure, a light absorption layer, and a diffusive reflection layer is provided. The transparent substrate has a first surface and a second surface opposite to the first surface. The micro-lens structures are located at the first surface of the transparent substrate. The Fresnel lens structure is located at the second surface of the transparent substrate. The light absorption layer includes a light absorption portion. The diffusive reflection layer includes a plurality of dispersive diffusive reflection portions connected to the Fresnel lens structure. The deviation degrees of the diffusive reflection portions with respect to a plurality of optical axes of the corresponding micro-lens structures increase together with an increase in slopes of inclined surfaces of the Fresnel lens structure on the corresponding optical axes. A manufacturing method of the projection screen is also provided.