To obtain the subject braid with high flexibility and high durability to color change by melt-blending a resin with a pigment including a homogeneously compatibilized mixture comprising an electron-donating and coloring compound, an electron-accepting compound and a reaction medium determining the color reaction-inducing temperature.

This reversibly thermally color-changeable braid having the above-mentioned advantages is obtained by the following process: a microencapsulated pigment including a reversibly thermally color-changeable composition consisting of a homogeneously compatibilized mixture comprising (A) an electron-donating and coloring organic compound, (B) an electron- accepting compound and (C) a reaction medium determining the temperature inducing the color reaction between the components A and B, is melt-blended at 0.1-30 pts.wt. in 100 pts.wt. of a thermoplastic resin, and the resulting blend is then melt-spun using a melt spinning unit to produce a reversibly thermally color-changeable yarn 10-300 μm in outer diameter; subsequently, the yarn is braided using a braider for circular braid.