A piston ring having a hard carbon film formed on at least an external peripheral sliding surface of a piston ring base material, the hard carbon film having an sp2 component ratio within a range of 40% to 80% inclusive as measured by a TEM-EELS spectrum which combines electron energy loss spectroscopy (EELS) with a transmission electron microscope (TEM), a hydrogen content being in a range of 0.1 at. % to 5 at. % inclusive, and an amount of macroparticles appearing on the surface being within a range of 0.1% to 10% inclusive by area ratio. The hard carbon film is formed on a hard carbon foundation film formed under low-speed film-forming conditions on the side of the piston ring base material, and the hard carbon foundation film is formed with an arc current value 80% or less of the arc current value during the formation of the hard carbon film.