NOVELTY - Thermal radiation film comprises heat-transfer layer and flexible thermal radiation layer laminated on the heat-transfer layer. The heat-transfer layer is metal film. The thermal radiation layer contains water-insoluble inorganic compound and heat resistant synthetic resin. The content of water-insoluble inorganic compound in the thermal radiation layer is 30-90 wt.% with respect to the total content of thermal radiation layer. The thermal radiation layer has thermal emissivity of 0.8 or more, and dielectric strength of 10 kV/mm or more.    USE - Thermal radiation film is used for integrated circuit chip in electronic device, LED and solar cell (all claimed).    ADVANTAGE - The thermal radiation film has excellent heat dissipation property by infrared radiation, electrical insulation property, mechanical strength, flexibility and heat resistance. The metal film has excellent heat conductivity.    DETAILED DESCRIPTION - INDEPENDENT CLAIMS are included for the following:    (1) dispersion liquid, which comprises dispersion medium and precursor of water-insoluble inorganic compound which is non-volatile component and heat resistant synthetic resin, and/or heat resistant synthetic resin, in which content of the water-insoluble inorganic compound is 30-90 wt.% with respect to the total content of non-volatile component, and content of non-volatile component is more than 18-65 wt.% with respect to total content of dispersion liquid; and    (2) manufacture of thermal radiation film, which involves preparing dispersion liquid by mixing dispersion medium and precursor of water-insoluble inorganic compound which is non-volatile component and heat resistant synthetic resin, and/or heat resistant synthetic resin, expanding and leaving still the prepared dispersion liquid on substrate, separating the film obtained from the dispersion liquid expanded on the substrate by removing and molding a dispersion medium from the substrate, and obtaining the film, and forming multilayer film by laminating metal film used as heat-transfer layer on the film by hot press.