A polishing pad of excellent durability and adhesion between the polishing layer and the base material layer includes a polishing layer arranged on a base material layer, wherein the polishing layer includes a thermosetting polyurethane foam having roughly spherical interconnected cells having an average cell diameter of 20 to 300 μm. The polyurethane foam includes an isocyanate component and an active hydrogen-containing compound as starting material components, and the active hydrogen-containing compound includes 30 to 85% by weight of a high-molecular-weight polyol having 2 to 4 functional groups and a hydroxyl value of 20 to 100 mg KOH/g.