The present invention relates to a CMP polishing slurry, comprising cerium oxide particles, a dispersing agent, a water-soluble polymer and water, wherein the water-soluble polymer is a compound having a skeleton of any one of an N-mono-substituted product and an N,N-di-substituted product of any one selected from the group consisting of acrylamide, methacrylamide and α-substituted products thereof. The amount of the water-soluble polymer is preferably in the range of 0.01 part or more by weight and 10 parts or less by weight for 100 parts by weight of the polishing slurry. Thus it is possible to provide a polishing slurry and a polishing method which make it possible to polish a film made of silicon oxide or the like effectively and rapidly and further control the process therefore easily in CMP technique for flattening an interlayer insulating film, a BPSG film, an insulator film for shallow trench isolation, and other films.