A polishing pad of the present invention contains a water-insoluble matrix material comprising a crosslinked polymer such as a crosslinked 1,2-polybutadiene and water-soluble particles dispersed in the material, such as saccharides. The solubility of the water-soluble particles in water is 0.1 to 10 wt % at 25 C., and the amount of water-soluble particles eluted from the pad when the pad is immersed in water is 0.05 to 50 wt % at 25 C. Further, in the polishing pad of the present invention, the solubility of the water-soluble particles in water is 0.1 to 10 wt % at 25 C. at a pH of 3 to 11, and solubility thereof in water at 25 C. at a pH of 3 to 11 is within 50% of solubility thereof in water at 25 C. at a pH of 7. In addition, the water-soluble particles contain an amino group, an epoxy group, an isocyanurate group, and the like. This polishing pad has good slurry retainability even if using slurries different in pH and also has excellent polishing properties such as a polishing rate and planarity.