A honeycomb structure includes a honeycomb structure body having a partition wall which is constituted of a porous body. The porous body includes a refractory aggregate and a bonding material. The porous body constituting includes the bonding material at a mass proportion of 20 to 35 mass %. In an observation of a cross section of the partition wall with an electron microscope, when observing any given ten visual fields meeting a following condition (1), the number of refractory aggregates meeting a following condition (2) is five pieces or more in all of the ten visual fields.Condition (1): a proportion of an area occupied by the bonding material is 30% or more.Condition (2): the refractory aggregate has a particle diameter of 5 μm or more, and 60% or more of an outer circumference of the refractory aggregate is surrounded by the bonding material.