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, a hydrophilic binder, a dye releasing activator and a dye releasing compound which reduces the silver halide and releases 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.