The present invention provides a heat ray cutting film comprising, on a substrate, at least two layers of a light reflecting layer X1 and a light reflecting layer X2 obtained by fixing cholesteric liquid crystalline phases, and an infrared ray absorbing layer comprising composite tungsten oxide microparticles, wherein the light reflecting layer X1 and the light reflecting layer X2 reflect lights circularly polarized in directions opposite to each other, reflection center wavelengths of the light reflecting layer X1 and the light reflecting layer X2 are within a range of 800 to 1100 nm and are substantially equal to each other, and total reflectivity of all light reflecting layers obtained by fixing cholesteric liquid crystalline phases is 80% or more. The heat ray cutting film of the present invention has high transparency and high heat shielding performance.