A field-emission shadow microscope was constructed and its characteristics were exa-mined with a field-emitter tip as a specimen. Change of the shadow image with the ratio of object tip potential to projector tip potential is presented and a qualitative explanation given. The potential ratio which gives the best shadow image and the magnification M are presented as a function of projector-object spacing d. It is confirmed that M is approximately given by D/d, where D is a projector-fluorescent screen distance. The distortions of the shadow images are briefly discussed.