A formation method of an element isolation film according to which a high-voltage transistor with an excellent characteristic can be formed is provided. On a substrate, a gate oxide film is previously formed. A CMP stopper film is formed thereon, and thereafter, a gate oxide film and a CMP stopper film are etched. The semiconductor substrate is etched to form a trench. Further, before the trench is filled with a field insulating film, a liner insulating film is formed at a trench interior wall, and a concave portion at the side surface of the gate oxide film under the CMP stopper film is filled with the liner insulating film. In this manner, formation of void in the element isolation film laterally positioned with respect to the gate oxide film can be prevented.