A polishing pad is equipped with a polishing layer having a polyurethane sheet, wherein a tan δ peak value change rate determined by formula: tan δ peak value change rate=|tan δ peakwet−tan δ peakdry|/tan δ peakdry×100, is not more than 15%, where tan δ peakwet represents the peak value of the loss tangent tan δ, of the polyurethane sheet in a wet state after being immersed in water for three days, within a temperature range of 20-100° C. in a tensile mode under an initial load of 148 g with a strain range of 0.1% at a measurement frequency of 1.6 Hz, and tan δ peakdry represents the peak value of the loss tangent tan δ, of the polyurethane sheet in a dry state without being immersed in water, within a temperature range of 20-100° C. in a tensile mode under an initial load of 148 g with a strain range of 0.1% at a measurement frequency of 1.6 Hz.