Abstract: A heat-shrinkable label film includes a foamed layer having polystyrene as a principal component, and a pair of non-foamed layers adhesively melted to either side of the foamed layer, wherein the foamed layer and the pair of the non-foamed layers are coextruded to provide a low specific gravity less than 1.0. The film is prepared by coextruding to form the several layers completing a non-drawn film; and drawing the non-drawn film in a transverse direction (TD) at a drawing ratio of 3.5 to 5.5. The foamed ratio of the foamed layer is in the range of 5 to 20%. The thickness of the foamed layer is 60 to 90% of the total thickness of the film; and the thickness of each non-foamed layer is 5 to 20% of the total thickness of the film. The heat-shrinkable label film has a thickness of 30 to 60 ?m.