Abstract: A phase-shifting photomask blank is made by sputtering a target of molybdenum silicide with a sputtering gas to which nitric monoxide is added in a ratio of 2.65-6.47% by volume. A nitrided-oxide film of molybdenum silicide as a phase-shifting film is formed on a transparent substrate. A base phase-shifting film may be formed on a transparent substrate and then a nitrided-oxide film of molybdenum silicide as a surface layer may be formed on top of the base phase-shifting film by sputtering a target of molybdenum silicide with a sputtering gas to which nitric monoxide is added in a ratio of 0.59-6.47% by volume. The transparent substrate on which the nitrided-oxide film of molybdenum slicide is formed may be subjected to a heat treatment at a temperature of 200.degree. C. or more.