A method of manufacturing a phase shift mask blank having a transparent substrate and at least one phase shift film layer made of molybdenum silicide oxide carbide (MoSiOC) having a composition of 5-25 atom % molybdenum, 10-35 atom % silicon, 30-70 atom % oxygen, and 3-20 atom % carbon, or molybdenum silicide oxide nitride carbide (MoSiONC) having a composition of 5-25 atom % molybdenum, 10-35 atom % silicon, 30-60 atom % oxygen, 5-30 atom % nitrogen, and 3-20 atom % carbon on the substrate, the method comprising the step of carrying out reactive sputtering using a molybdenum and silicon-containing target and using a carbon-containing sputtering gas, wherein the substrate has an etch rate A and the phase shift film has an etch rate B when the blank is patterned by reactive ion etch rate B when the blank is patterned by reactive ion etching such that the etch selectively B/A is at least 5.0.