Provided is a thermal recording material comprising an intermediate layer and a heat-sensitive recording layer for color formation by heat stacked in this order onto a support, the thermal recording material being characterized in that the intermediate layer contains a bellows-shaped hollow resin and that the roughness of the surface on the color forming side is 1.0 μm or less as measured by Parker Print Surf. The method for producing such a thermal recording material comprises the steps of: applying a coating liquid containing heat-expandable resin particles to a support, drying the coated support at a temperature lower than the expansion starting temperature of the heat-expandable resin particle, and subjecting the coated support to thermoforming for formation of an intermediate layer; and applying, to the intermediate layer, heat-sensitive recording-related components which contribute to color formation by heat, for formation of a heat-sensitive recording layer.