-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Hzvj4hsa68iu0+fP9OIO2iZpkpLp9FmvTSIRvN9Hp/ng9l2QHDjfJqWBXsC4TxQP
 RxXmYCcXh8P8N+8cN59Wlw==

<SEC-DOCUMENT>0001140361-10-004500.txt : 20100205
<SEC-HEADER>0001140361-10-004500.hdr.sgml : 20100205
<ACCEPTANCE-DATETIME>20100205175919
ACCESSION NUMBER:		0001140361-10-004500
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100205
FILED AS OF DATE:		20100205
DATE AS OF CHANGE:		20100205

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Elarde Peter C
		CENTRAL INDEX KEY:			0001461751

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33031
		FILM NUMBER:		10578354

	MAIL ADDRESS:	
		STREET 1:		2800 BRIDGE PARKWAY
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94065

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SHUTTERFLY INC
		CENTRAL INDEX KEY:			0001125920
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PHOTOFINISHING LABORATORIES [7384]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2800 BRIDGE PARKWAY
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94065
		BUSINESS PHONE:		650-610-5200

	MAIL ADDRESS:	
		STREET 1:		2800 BRIDGE PARKWAY
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94065
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-02-05</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001125920</issuerCik>
        <issuerName>SHUTTERFLY INC</issuerName>
        <issuerTradingSymbol>SFLY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001461751</rptOwnerCik>
            <rptOwnerName>Elarde Peter C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O SHUTTERFLY, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>2800 BRIDGE PARKWAY</rptOwnerStreet2>
            <rptOwnerCity>REDWOOD CITY</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94065</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Marketing Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-02-05</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>18.08</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>22185</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 17, 2009.</footnote>
        <footnote id="F2">Represents the weighted average sales price per share. The prices actually received ranged from $18.06 to $18.10. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.</footnote>
    </footnotes>

    <remarks>This Statement confirms that the undersigned, Peter C. Elarde, has authorized and designated John A. Kaelle and Douglas Appleton to execute and file on the undersigned's behalf all Forms 3, 4, and 5 (including any amendments thereto) that the undersigned may be required to file with the U.S. Securities and Exchange Commission as a result of the undersigned's ownership of or transactions in securities of Shutterfly, Inc. The authority of John A. Kaelle and Douglas Appleton under this Statement shall continue until the undersigned is no longer required to file Forms 3, 4, and 5 with regard to the undersigned's ownership of or transactions in securities of Shutterfly, Inc., unless earlier revoked in writing. The undersigned acknowledges that John A. Kaelle and Douglas Appleton are not assuming any of the undersigned's responsibilities to comply with Section 16 of the Securities Exchange Act of 1934.

/s/ Peter Elarde

Date: April 3, 2009</remarks>

    <ownerSignature>
        <signatureName>/s/ Doug Appleton, Attorney-in-Fact</signatureName>
        <signatureDate>2010-02-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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