In a thermal transfer sheet in which a transfer layer is provided on a substrate, the transfer layer has a layered structure in which a receiving layer, an intermediate layer, and a masking layer are layered in this order from the side of the substrate, the receiving layer is a solvent-based receiving layer containing a solvent-based resin and a silicone oil, the intermediate layer is a water-based intermediate layer containing a water-based resin, and the masking layer is a solvent-based masking layer containing a solvent-based resin and a colorant.