Abstract: An excellent thermochromic material exhibiting a sharp and reversible metachromatism at temperatures within a range of from -40.degree. to 80.degree. C can be formed from (A) an electron-donating, chromatic organic compound; (B) a compound containing a phenolic hydroxyl group; (C) a compound selected from the group consisting of higher aliphatic monovalent alcohols; and (D) a compound selected from the group consisting of higher aliphatic monovalent acid alcohol esters. The excellent thermochromic characteristics of such a thermochromic material can be further improved when it is occluded in fine microcapsules having a size not exceeding 50 .mu.. Thermochromic polymers, thermochromic printing inks, thermochromic writing instruments, thermochromic paints and thermochromic sheets having excellent thermochromatic characteristics and wide utility can be prepared from such a thermochromic material or microencapsulated thermochromic material.