A pallet transfer system capable of smoothly transferring a pallet between a machine tool and a pallet conveying device is provided. The pallet transfer system includes an intermediated station to temporally place a pallet between a front ward position of a pallet stand-by position and the pallet stand by position. The pallet on a conveying plate at a stand-by position is carried to a temporary placing position by horizontally moving the conveying plate. Then the pallet is transferred to the intermediate position by being supported by lift arms which are raised from the conveying plate. Further, the pallet, supported by the lift arms, is transferred from the intermediate station to a stacker crane by advancing the stacker crane toward the intermediate station side and entered into an entering space below the pallet.