A heat-developable color photographic material is disclosed. The material is comprised of a support having thereon a layer containing at least a light-sensitive silver halide, an organic silver salt oxidizing agent, a hydrophilic binder, a reducing agent for the silver halide and/or the organic silver salt oxidizing agent and a dye releasing compound which is capable of bonding to an oxidized product of the reducing agent and releasing a hydrophilic dye. The heat-developable color photographic material can easily provide a clear and stable color image by imagewise exposure to light and a heat development procedure. A method of forming a color image using the heat-developable color photographic material is also disclosed.