[Problems] An object of the present invention is to provide: a thermochromic color-memory composition which effectively expresses a property of being able to interchangeably memorize and retain colors and which is thus applicable to various fields; and a thermochromic color-memory microcapsule pigment encapsulating the same. [Solution] Provided is a thermochromic color-memory composition including: (a) an electron-donating color-developing organic compound; (b) an electron-accepting compound; and (c) an ester compound represented by the following Formula (1), as a reaction medium which controls color reaction between the component (a) and the component (b): (wherein, R represents an alkyl group having 3 to 18 carbon atoms, a cycloalkylalkyl group having 6 to 11 carbon atoms, a cycloalkyl group having 5 to 7 carbon atoms or an alkenyl group having 3 to 18 carbon atoms; each X independently represents a hydrogen atom, an alkyl group having 1 to 4 carbon atoms, an alkoxy group having 1 to 3 carbon atoms or a halogen atom; and each Y independently represents a hydrogen atom, an alkyl group having 1 to 4 carbon atoms, a methoxy group, an ethoxy group or a halogen atom).