The present invention is to provide a reversible two-color heat-sensitive recording material which uses an electron-donative dye precursor which is usually colorless or a pale color and an electron-accepting compound, and a reversible heat-sensitive color-forming composition which is capable of forming a color-formation state and decolorization state relatively due to difference in heating temperature and/or cooling rate after heating is formed on a support, wherein the reversible heat-sensitive color-forming composition comprises at least two kinds of compositions having different color tones to be formed and the compositions are each present separately and in an independent state, and crystallization rates of the electron-donative compounds at the time of changing from the color-formation state to the decolorization state are different from each other.