Disclosed herein is a multi-piece golf ball composed of a core and an outermost cover layer, with one or more inner cover layers interposed between them, which is characterized in that the core is made mainly of a polybutadiene which is synthesized with using a catalyst of rare earth element such that the content of cis-1,4 bond is no less than 60%, the core has a diameter of 34.7 to 40.7 mm, the core undergoes deflection amounting to 3.0 to 5.0 mm under a load of 100 kg, the outermost cover layer is formed mainly of a thermoplastic resin or elastomer compounded with organic short fibers, the outermost cover layer has a Shore D hardness of 55 to 70 and a thickness of 0.5 to 2.0 mm, and the inner cover layer has a Shore D hardness of 15 to 55 and a thickness of 0.5 to 2.0 mm. The multi-piece golf ball exhibits good flying performance and crack durability. In addition, it gives the player a good striking feel at the time of putting and driver shot.