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.COPYRIGHT: (C)2014,JPO&INPIT【課題】フェルトペンタイプのアイライナーにおいても目詰まりがなく、且つ微粒子においても分散安定性に優れるとともに、良好なブラウン色調を発現可能な水性分散体を提供し、その水性分散体を含有する化粧料を提供する。【解決手段】少なくとも、顔料として1次粒子の長径が400nm以下の微粒子酸化鉄と、アニオン性高分子と、HLBが12以上のノニオン性界面活性剤と、水を含有し、微粒子酸化鉄含有量が全組成中の10~60質量%である水性分散体であり、微粒子酸化鉄、アニオン性高分子及び水のみを分散処理した後にノニオン性界面活性剤を加えて更に分散処理する微粒子酸化鉄分散工程により製造する。【選択図】なし