A polishing pad is provided. The polishing pad includes a polishing layer composed of a polymeric matrix and liquid microelements embedded in the polymeric matrix. Open pores defined by the embedded liquid microelements are distributed across a surface of the polishing layer. Due to the microstructural open pores uniformly distributed across a surface of the polishing pad, a polishing operation can be performed at high precision. The polishing pad shows constant polishing performance during the polishing operation, can be stably used, and does not cause a wafer to be scratched. In addition, a method of manufacturing the polishing pad is provided. Since all components used to manufacture the polishing pad are in a liquid phase, manufacturing can be easily performed.