A task to be achieved by the invention is to provide a foamed sheet having excellent retention of foam, hand feeling, and peel strength. The present invention provides a foamed sheet which is formed from a water dispersion of a urethane resin (X), wherein the water dispersion has a urethane resin (X) content of 50 to 80% by mass, and the water dispersion contains no organic solvent. Further, the present invention provides a synthetic leather having at least a substrate (i) and a polyurethane layer (ii), wherein the polyurethane layer (ii) is formed from the above-mentioned foamed sheet. The foamed sheet preferably has a density of 200 to 1,000 kg/m.sup.3.