A process and a transfer film for transferring microstructures to a flexible or rigid final substrate that offers advantages in both speed and precision is provided. The inventive process involves subjecting a transfer film in a continuous roll-to-roll process to the following operations: either forming microstructures on, or transferring microstructures to a surface of the transfer film; and then transferring the microstructures from the transfer film onto a surface of the final substrate. The microstructures are single or multi-layer structures that are made up of: voids in a substantially planar surface, the voids optionally filled or coated with another material; raised areas in a substantially planar surface; or combinations thereof.