A thermal transfer receiving sheet comprising: the sequential formation of an intermediate layer containing hollow particles and an image receiving layer on at least one side of a sheet-form substrate; wherein, the mean particle diameter of the hollow particles is 0.2 to 30 μm, the volumetric hollow rate is 40 to 95%, the printing smoothness (Rp value) of the surface of the image receiving layer as determined 10 msec after the start of pressurization at a printing pressure of 0.1 MPa using a microtopograph is 1.5 μm or less, and the 20° gloss in accordance with JIS Z 8741 is 80 or less.