PROBLEM TO BE SOLVED: To provide a water resistant metal pigment dispersion which can prevent corrosion when blended with a coating material or ink containing water and has excellent water dispersibility and metal glossiness and especially excellent storage stability and an aqueous ink composition containing the same.SOLUTION: There is provided a water resistant metal pigment dispersion which is obtained by dispersing a water resistant metal pigment in which a surface of a metallic pigment is coated with a film containing an inorganic oxide into an aqueous medium, wherein the metallic pigment has an average thickness of 1 nm or more and less than 100 nm and a 50% average particle diameter of 0.5 μm or more and 3 μm or less, the shape of the pigment particles constituting the metallic pigment is planer, and when mapping images of the water resistant metal pigment are obtained for elements constituting the inorganic oxide by a transmission electron microscope, the number of pinholes observed by the mappin
