A breathable shoe, including: an upper assembly (10;310;410) having a breathable upper (11;311;411); a membrane (14;314;414) made of a material which is waterproof and breathable, and a sole (16;116;216;316;416) made of perforated elastomer, which are all mutually attached such that the membrane is arranged between the upper assembly and the sole, and the sole is sealed perimetrically to the membrane, in a manner to prevent moisture to enter into the upper assembly from the sole through the membrane, and to permit moisture to leave the inside of the upper assembly through the membrane and through the sole. In one preferred embodiment, the membrane is first attached to the upper assembly so that the upper assembly is a unitary upper assembly including the membrane, and such unitary upper assembly is subsequently attached to the sole.