A three-dimensional puzzle including a lenticular lens layer having a lens surface and a flat surface. A four color ink is applied to the flat surface and a layer of opaque ink is applied to the four color ink. A white paper backing is adhered to the layer of opaque ink using an emulsion based adhesive having a viscosity of approximately 1,600 mPas at 23.degree. C., and a backer board comprised of four layers of cardboard is applied to the white paper backing. A method of manufacturing the three-dimensional puzzle is also disclosed.