A projection screen includes: a lenticular layer including rear and front surfaces, the front surface being formed with a plurality of convex microstructures; a reflecting layer formed on the front surface of the lenticular layer and having a plurality of convex surfaces in conformity to surfaces of the convex microstructures; and a diffusion layer disposed on the reflecting layer oppositely of the lenticular layer, and including a plurality of black nanoparticles dispersed therein.