AQUEOUS DISPERSION AND COSMETIC CONTAINING THE SAME

PROBLEM TO BE SOLVED: To provide an aqueous dispersion used for a felt pen type eye liner without being clogged, in which fine particles have excellent dispersion stability, and capable of expressing good brown color tone, and to provide a cosmetic containing the aqueous dispersion.SOLUTION: An aqueous dispersion comprises at least: particulate iron oxide, as a pigment, in which a major axis of a primary particle is 400 nm or less; an anionic polymer; and a nonionic surfactant having HLB or 12 or more; and water. The content of particulate iron oxide is 10 to 60 mass% of the total composition. The aqueous dispersion is produced by a particulate iron oxide dispersion step of performing dispersion treatment of only particulate iron oxide, the anionic polymer and water, and then adding the nonionic surfactant to perform dispersion treatment.