A heat-sensitive recording material is disclosed, comprising a support and heat-sensitive recording layer on the support, said layer containing (1) microcapsules containing a basic dye precursor and an organic solvent as the core thereof and (2) a developer capable of forming color on reacting with the basic dye precursor, wherein said microcapsules are produced by the use of a wall-forming substance comprising xylylene diisocyanate or an adduct thereof such that the microcapsule walls are impermeable to both the basic dye precursor and developer at room temperature, but at a temperature of a thermal head during a recording process, become permeable to at least one of the basic dye precursor and developer, thereby permitting formation of a colored image as a result of the reaction between the basic dye precursor and the developer. This material can retain its excellent recording ability for a long period of time; that is, it possesses excellent storage stability, and moreover can produce a recorded image of high storage stability.