A heat-sensitive stencil having a thermoplastic resin film, and a porous resin layer formed thereon. The stencil has an air permeability in the range of 1.0 cm.sup.3 /cm.sup.2 .multidot.sec to 157 cm.sup.3 /cm.sup.2 .multidot.sec in a portion thereof when the thermoplastic resin film of the portion is perforated to form perforations providing an open ratio S.sub.O /S.sub.P of at least 0.2, wherein S.sub.O represents a total area of the perforations and S.sub.P represents the area of the portion. The heat-sensitive stencil is prepared by applying a coating liquid containing the resin of the porous resin layer to the thermoplastic resin film and drying the coating. The coating liquid contains a mixture of a good solvent and a poor solvent less vaporizable than the good solvent so that the porous resin layer is formed after drying.