Abstract: A heat-sensitive recording material with a heat-sensitive recording layer comprising a modified polyvinyl alcohol containing 2.5 to 8 mole % of a carboxyl group-containing monomer units and having a degree of saponification of 40 to 65 mole % and a viscosity average degree of polymerization. of 50 to 500; a dispersing agent comprising the above modified polyvinyl alcohol for heat-sensitive dyes or color developing agents that can make the heat-sensitive dyes form color upon heating; and a process for producing aqueous dispersions which comprises dispersing a heat-sensitive dye or a color developing agent that can make the heat-sensitive dye form color upon heating, in an aqueous medium with a dispersing agent of the above modified polyvinyl alcohol.