The present invention provides a heat shrinkable multilayer film which has excellent adhesiveness between front and back layers and an interlayer not only at normal temperature but also at low temperature to effectively prevent delamination and is less likely to have residual white streaks along creases. The present invention also provides a heat shrinkable label including the heat shrinkable multilayer film. The present invention relates to a heat shrinkable multilayer film including: front and back layers each containing a polyester resin; an interlayer containing a polystyrene resin; and adhesive layers, the front and back layers and the interlayer being stacked with the adhesive layers interposed therebetween, the adhesive layers each containing 20 to 65% by weight of a polystyrene resin and 35 to 80% by weight of a polyester elastomer.