The invention provides a polyester resin for heat-shrinkable film which contains terephthalic acid as a main component of a dicarboxylic acid component, contains ethylene glycol as a main component of a diol component, and contains from 18 to 32% by mole of neopentyl glycol and from 7 to 15% by mole of diethylene glycol when a total amount of the whole diol component in total polyester resin components is taken as 100% by mole. The polyester resin has (i) an intrinsic viscosity (IV) of not less than 0.65 and less than 0.70 dl/g, (ii) a carboxyl end group concentration (AV) of 8-25 eq/t, (iii) a color b value of 1.0-8.0 in an L*a*b* color system, and (iv) aluminum and phosphorus atoms, wherein the aluminum atoms are present in an amount of 15-40 ppm, and wherein the molar ratio of the phosphorus atoms to the aluminum atoms is 1.8-2.6.