A rewritable recording material can be provided which contains at least one kind of phenolic compounds represented by formula (I) and which is capable of stably repeating coloring and discoloring for a long period of time as well as exerting superior storage properties such as heat resistance and moisture and heat resistance of the colored image and light resistance of the background. Also provided are a composition for forming a rewritable color-forming layer which is capable of forming a color-forming layer of the recording material, and a composition of a color-developing agent for a rewritable recording material.