The present invention provides a heat-sensitive recording material in which heat-sensitive recording layers are provided on a support, the heat-sensitive recording layers each containing, as an emulsified dispersion, an electron-accepting compound which reacts with an electron-donating dye precursor to form color, or a coupler compound which reacts with a diazonium salt to form color. At least one layer of the heat-sensitive recording layers contains the emulsified dispersion having a volume average particle size of less than 0.18 .mu.m. The volume average particle size of the emulsified dispersion is preferably less than 0.5 relative to the volume average particle size of the microcapsules encapsulating the electron-donating dye precursor or the diazonium salt.