A multicolor thermal recording material that allows multicolor printing in at least four colors and a method for developing color of the multicolor thermal recording material. The multicolor thermal recording material comprises (1) a support, (2) a first thermal color-developing layer containing a first dye precursor and a color-developing compound reactive with the first dye precursor under heating to develop the color of the first dye precursor, (3) an intermediate layer, (4) a second thermal color- developing layer containing composite fine particles containing a second dye precursor and a polymeric compound, and a color-developing compound reactive with the second dye precursor under heating, and (5) a third thermal color-developing layer containing composite fine particles containing a third dye precursor and a polymeric compound, and a color-developing compound reactive with the third dye precursor under heating; wherein the first, second, and third dye precursors are capable of developing mutually different colors.