Disclosed herein is a method for producing an elastically stretchable artificial leather, which includes the steps of forming microfiberizable fibers into a web, entangling the obtained web to produce an entangled nonwoven fabric, converting the microfiberizable fibers in the nonwoven fabric to microfine fibers thereby producing a substrate for artificial leather, producing an artificial leather from the obtained substrate for artificial leather, bringing the obtained artificial leather into close contact with an elastomer sheet stretched in a machine direction by 5 to 40%, shrinking the artificial leather in the machine direction simultaneously with the elastomer sheet by relaxing elongation of the elastomer sheet to obtain an artificial leather in shrunk state, heat treating the artificial leather in shrunk state, and then peeling the heat treated artificial leather off from the elastomer sheet.