Abstract: A process for transfer printing papers having a flip-flop effect is disclosed. A substrate consisting of a base paper, a glue, a transparent tape, a transparent resin, a hydrophilic paint and a metal layer is manufactured by a vapor deposition method. A flip-flop ink having a predetermined pattern is printed on the substrate. The metal layer which is not covered by the ink is etched by an alkaline solution. The alkaline solution is neutralized by an acid solution. The substrate is washed and then dried so that the transfer printing papers having a flip-flop effect are obtained.