Provided is a method of manufacturing a light-shielding material for use in optical instrument and having a light-shielding coat with a broad low-gloss region while maintaining the physical properties, such as a light-blocking property, necessary for light-shielding coat. In this method for manufacturing a light-shielding material comprising a light-shielding coat formed on the substrate, a coating liquid is prepared containing at least a binder resin, black fine particles and a matting agent having a variation coefficient of 20 or larger. Next, this coating liquid is coated on the substrate and dried to form a light-blocking coat.