Provided is a heat ray reflective material including, on a support in the following order from the support side: a conductive particle-containing layer that includes fibrous conductive particles having an average length of 5 μm to 20 μm, and a binder, in which an expansion factor of a thickness before and after the passage of time in a case where 24 hours have elapsed under environmental conditions of a temperature of 63° C. and relative humidity of 50%, is 2.2% or less; and a protective layer that includes a metal oxide derived from a metal alkoxide.Provided is a heat ray reflective material including, on a support in the following order from the support side: a conductive particle-containing layer that includes the fibrous conductive particles, and a binder having a water absorption rate of 10% or less; and the protective layer.