Disclosed are: a thermochromic color-memory composition which can effectively exhibit a property of memorizing colors photochromically, and which is applicable in a wide variety of fields; and a thermochromic color-memory microcapsule pigment having the composition encapsulated therein. Specifically disclosed are: a thermochromic color-memory composition comprising a homogenously compatibilized blend of (i) an electron-releasing, color-developing organic compound, (ii) an electron-accepting compound, and (iii) a compound represented by the formula (1) as a reaction medium for controlling the color-developing reaction between the compounds (i) and (ii); and a microcapsule pigment having the composition encapsulated therein. (1) wherein X represents any one selected from a hydrogen atom, an alkyl group having 1 to 4 carbon atoms, a methoxy group and a halogen atom; m represents an integer of 1 to 3; and n represents an integer of 1 to 20.