To obtain a multiple color developing thermal recording material having high color developing sensitivity and being excellent in the shelf life characteristics of a substrate part and an image part.

In a multiple color developing thermal recording material containing two or more kinds of normally colorless or light-colored dye precursors which develop colors in different color tones and an electron-receptive compound which develops the colors of the dye precursors, at least one or more kinds of these dye precursors are present in a thermal recording layer in the form of particles each having on the surface a color development adjusting layer obtained by polymerizing a compound having an unsaturated carbon bond, and the electron-receptive compound comprises one kind of material selected from 3,3'-diaryl-4,4'-dihydroxydiphenyl sulfone, 4-hydroxy-4'- isopropyloxydiphenyl sulfone and 2, 4'-dihydroxydiphenyl sulfone and a salicylic acid derivative expressed by the formula (wherein X1 and X2 denote hydrogen atoms, alkyl, aralkyl, aryl or halogen atoms and R alkyl, alkenyl, aralkyl or aryl) or a metal salt thereof.