As a reversible heat-sensitive recording material which contains a normally colorless or palely colored electron donating dye precursor and an electron accepting compound capable of causing said dye precursor to change reversibly in color density due to the difference in cooling rate after heating, one in which images can be formed and erased with good contrast and images high in time stability can be maintained under environment of everyday life can be obtained by using a phenolic compound having at least one aliphatic hydrocarbon group of 6 or more carbon atoms as the said electron donating compound.