The marking sheet for cutting drywall provides an adhesive sheet having a marking layer formed of a transferable medium for transferring an image of an opening to the rear surface of a sheet of drywall. The user may then use the transferred image as a template for cutting an opening through the sheet of drywall. The marking sheet is dimensioned and configured to correspond to the opening, and is adhered to a building frame element defining the opening. The drywall is positioned against the marking sheet to form the image. The drywall is then removed from the marking sheet, and the user cuts the opening in the drywall. The marking sheet may be used to form openings in drywall for electrical boxes, for HVAC ducts, for plumbing pipes, for electrical conduit, or for window or door openings by marking the border of the window or door openings.