Disclosed herein is a heat-shrinkable co-polyester film having terephthalic acid and ethylene glycol as main components and containing 1,4-cyclohexanedimethanol at the amount of 3 40 mol %. The heat-shrinkable co-polyester film has a crystallization temperature of 80 220.degree. C., a heat shrinkage (%) higher than 30% in at least one direction of longitudinal and transverse directions in 90.degree. C. hot water, and a maximum shrinkage stress lower than 3 kg/mm.sup.2. The film is suitable for use as various wrapping materials, such as covering, binding and casing materials. Particularly, the film is used to cover a cap, body and shoulder, etc. of various vessels and rod-shaped molded articles and thus to provide labeling, protection, binding or an improvement in product value. Also, the film can be used for multi-package.