According to the present invention, a porous electrode substrate with greater sheet strength, lower production cost, and excellent gas permeability and conductivity as well as its manufacturing method are provided. Also provided are a precursor sheet for forming such a substrate, and a membrane electrode assembly and a polymer electrolyte fuel cell containing such a substrate. The method for manufacturing such a porous electrode substrate includes the following steps [1]˜[3]: [1] a step for manufacturing a sheet material in which short carbon fibers (A) are dispersed; [2] a step for manufacturing a precursor sheet by adding a water-soluble phenolic resin and/or water-dispersible phenolic resin to the sheet material; and [3] a step for carbonizing the precursor sheet at a temperature of 1000° C. or higher. The present invention also relates to a porous electrode substrate obtained by such a manufacturing method as well as a precursor sheet to be used for manufacturing the substrate, a membrane electrode assembly and a polymer electrolyte fuel cell.