Abstract: A thermal transfer color-variable ribbon is disclosed, the color appearance of which depends on the variation of viewing angle, which includes a substrate, a releasing agent formed on the substrate, a functional coating, which can be a multilayer thin-film stack of reflection mode or transmission mode, formed on the releasing agent, and an adhering layer formed on the functional coating. The functional coating is designed based on the general theory that describes the thin-film interference phenomena. The functional coating can be formed by alternately stacking dielectrics having high and low refractive indices or dielectric and metal layers. The construction parameters of the all-dielectric stack and the metal/dielectric stack can be chosen in similar way to how parameters are chosen when manufacturing selective band-pass filters, which are designed based on the thin-film interference theory.