The present invention provides a heat shrinkable multilayer film that can prevent wrinkles or loosening after attachment when the film is attached to a container as a heat shrinkable label for dry heat shrinking, and a heat shrinkable label including the heat shrinkable multilayer film as a base film. Provided is a heat shrinkable multilayer film including: front and back layers each containing a polyester resin; and an interlayer containing a polystyrene resin, wherein the heat shrinkable multilayer film has a dimensional change in a TD represented by an equation (1) of −55 to −1000 μm as measured by thermomechanical analysis (TMA) in which the temperature of the heat shrinkable multilayer film under a load of 0.10 N is increased from 30° C. to 60° C. at a temperature increase rate of 5° C./min and then cooled from 60° C. to 10° C. at a temperature decrease rate of 5° C./min, the equation (1) being: Dimensional change=dimension in TD at 20° C. −dimension in TD at 60° C. (1).