A heat transfer medium composed of a base material having thereon in order outwardly from the base material;(a) a colorless or light color heat-fusible transfer layer (A) containing from about 55 to 95 wt % of a wax and from about 5 to 45 wt % of a thermoplastic resin compatible with the wax, based on the whole amount of layer (A); and(b) a heat-softenable ink layer (B) containing from about 50 to 90 wt % of a thermoplastic resin incompatible with the wax in the layer (A) and having adhesion upon heating, from about 3 to 30 wt % of a heat-fusible lubricant, and a coloring material, based on the whole amount of layer (B);the viscosity of layer (A) being from about 100 c.p. to 1,000 c.p. at a temperature 20.degree. C. higher than the melting point of layer (A) shown by a differential scanning calorimeter.The heat transfer medium provides transferred images excellent in rubbing resistance and distinctness.