A method of fabricating a reflective photomask is provided. The method includes sequentially forming a multi-layered reflective layer, an absorption layer and an anti-reflective coating (ARC) layer on a substrate. ARC patterns are formed to expose a portion of the absorption layer by directly irradiating an ion beam onto a portion of the ARC layer to etch the portion of the ARC layer. The exposed portion of the absorption layer is etched using the ARC patterns as etch masks to form absorption patterns exposing a portion of the multi-layered reflective layer.