A transfer recording medium comprising a substrate and a plurality of image forming elements bonded thereto by a binder is provided. The surface of each image forming element at least partially protrudes out of the binder. Such transfer recording medium may be prepared by applying the binder onto the substrate in a prescribed thickness, disposing the image forming elements in excess on the binder, and then removing the excess of the image forming elements. The thus prepared transfer recording medium provides an image having a high density and a faithfully reproducible color.