A printed material has a transparent base member, a first image layer formed on the base member, an intermediate layer formed on the first image layer, and a second image layer formed on the intermediate layer. The intermediate layer has a lower white background layer positioned above the first image layer, a light blocking layer positioned above the lower white background layer, and an upper white background layer positioned above the light blocking layer. In the printed material, a thickness of the light blocking layer is uneven in conformity with undulation of the first image layer, and therefore a surface of the intermediate layer which is in contact with the second image layer is flat. With this structure, it is possible to prevent or suppress the undulation of the first image layer from appearing in the second image layer.