Disclosed are an intermediate transfer medium excelling in peel-off property on removing a transfer layer which include a protective layer with the aid of a peel-off layer of a thermal transfer sheet, and imparting a high durability to a print which is formed by transferring the transfer layer to a transfer receiving article, and retransferring the transfer layer onto the transfer receiving article easily, and a combination of the intermediate transfer medium and a thermal transfer sheet. The intermediate transfer medium includes a substrate sheet, a protective layer and a receiving layer which are layered on a surface of the substrate sheet. The protective layer includes two or more binder resins with mutually different number average molecular weights. A sum total of products, each calculated by multiplying the number average molecular weight of individual binder resin and its content ratio in the blend together, is ≧3000 and ≦17000.