A multifocal contact lens structured to provide simultaneous distant and near vision includes a transparent lens body having an inner concave surface and an outer convex surface. The lens body has an aspherical central portion structured to provide distant vision and an adjacent annular spherical portion structured to provide near vision. The aspherical central portion, and annular spherical portion may be provided on the inner surface of the lens. In an alternate embodiment, a spherical central near vision portion and an annular aspheric distance vision portion may be employed. The spherical and aspherical portions merge in a gradual manner to avoid undesired liner of demarcation therebetween. A method of manufacturing a multifocal contact lens structured to provide simultaneous near and distant vision may include providing a contact lens blank having an outer surface and an inner surface and creating a generally spherical configuration in the inner surface, converting a center portion of the spherical concave inner surface into an aspherical configuration, and creating a generally spherical convex annular configuration in the outer surface. The method may be modified to provide the alternate embodiment.