A piston ring, and a manufacturing method thereof, having a hard carbon film that is easy to form and that has excellent adhesion and wear resistance. The aforementioned problem is solved by means ofa piston ring having a hard carbon film 50 formed on at least the outer peripheral sliding surface 11 of a piston ring base material 1, wherein the hard carbon film 50 is a lamination film composed ofmultiple layers, including an upper layer 5 with a lamination pitch in the range of 3-50 nm, a middle layer 4 with a lamination pitch less than that of the upper layer 5, and a lower layer 3 with a lamination pitch within the same lamination pitch range of the upper layer 5 and greater than the lamination pitch of the middle layer 4. The hard carbon film 50 has an sp2 component ratio of 35-80%, measured in a TEM-EELS spectrum formed by combining electron energy loss spectroscopy (EELS) with a transmission electron microscope (TEM), and the hydrogen content can be configured to be 0.1-5 atom%.