Disclosed is a thermal transfer paper comprising a metal layer and capable of partially dissolving the metal layer, which comprises a dissolving function formed of at least one resin selected from the group consisting emulsion resins, water-soluble acryl resins, water-soluble polybutyral resins, alcohol-soluble polybutyral resins, water-soluble vinyl resins and alcohol-soluble vinyl resins, water or an alcohol solvent, and sodium hydroxide or an acid on the metal layer. The thermal transfer paper according to the present invention is provided with a dissolving function layer 30 able to dissolve a part of a metal layer 20, preferably an aluminum deposition layer 21 to form a dissolved part according to a desired design or pattern. Therefore, it is possible to produce unique color and texture, unlike a metal layer pattern formed by oxidation of a part on the metal layer. Specially, when a different color is transferred on a transfer object by an ink layer formed on the transfer paper, it is harmonized with a background color of the transfer object to produce a partial metal-like effect. Thus, according to the present invention, a design with superior texture and color can be readily formed in various patterns, thereby accomplishing a speedy, simple and thereby efficient working process for production and cost saving effect.