A polishing liquid is a polishing liquid used for chemical mechanical polishing, the polishing liquid including colloidal silica; and a buffering agent excluding phosphoric acid, in which the buffering agent is a compound having a pKa within a range of X±1 in a case where a pH of the polishing liquid is denoted by X, a zeta potential of the colloidal silica measured in a state where the colloidal silica is present in the polishing liquid is −20 mV or less, an electrical conductivity is 200 μS/cm or more, and a pH is 2 to 6.