Abstract: A heat-sensitive transfer material having a heat-transferable ink layer formed on a support. Said heat-transferable ink layer is constituted of microcapsules dispersed in a heat-fusible binder and enclosing a penetrating ink. Said penetrating ink is constituted of a colorant and an oil agent which is liquid or semi-solid at room temperature. During recording, the ink released from the microcapsules will penetrate into the fibrous structure of the recording paper to give printed letters of good quality even on a recording paper with poor surface smoothness.