A multi-layer stretched film has 251 or more alternating layers which consist of first layers and second layers, wherein the first layers are made of a polyester which contains (i) 5 to 50 mol % of a naphthoic acid component as a dicarboxylic acid component and (ii) a diol having an alkylene group with 2 to 10 carbon atoms as a diol component; and the second layers are made of a thermoplastic resin having an average refractive index of 1.50 to 1.60 and differences in refractive index among a uniaxial stretching direction, a direction orthogonal to the uniaxial stretching direction and a film thickness direction of 0.05 or less before and after stretching, and the film has specific reflectance characteristics for a P polarization component and an S polarization component.