A mechanical pencil has: a shaft tube; a ferrule unit supported by the shaft tube; a lead holding unit having a chuck configured to relatively move with respect to the ferrule unit to eject lead held by the same; and an indication body provided movably in an axial direction. The indication body delimits from rearward a lead storage space formed rearward the chuck in the shaft tube. The indication body located at least at a predetermined position is viewable from outside the shaft tube. A length along the axial direction between a rear end of the lead storage space and a front end of the ferrule unit, in a state where the indication body has moved most rearward along the axial direction, is equal to or more than twice a length of spare lead to be stored in the lead storage space.