There are provided a honeycomb structure and a method of manufacturing the honeycomb structure, the honeycomb structure including a honeycomb structural part, which has partition walls 2 for forming a plurality of cells 3 partitioned in a honeycomb shape and for forming recesses 6 on an outer peripheral surface, and an outer wall part 5 disposed on the outer peripheral surface of the honeycomb structural part, wherein voids are formed in the recesses 6 between the outer wall part 5 and the honeycomb structural part. The honeycomb structure and the method of manufacturing the same can suppress the reduction of a temperature increasing speed while suppressing a decrease of mechanical strength and further can suppress the occurrence of cracks.