The invention relates to a cosmetic composition for caring for and/or making up keratin materials, in particular the skin, comprising, in a physiologically acceptable medium: (i) at least one encapsulated pigment and (ii) at least one reflective particle predispersed in at least one oil chosen from mineral oils, plant oils, such as sweet almond oil, wheat germ oil, jojoba oil, apricot oil, soya bean oil, canola oil or castor oil esters, such as octyl dodecanol, octyldodecyl neopentanoate, caprylic/capric triglycerides, pentaerythrityl tetraisostearate, isodecyl neopentanoate, diisopropyl sebacate, C12-C15 alkyl benzoate, ethylhexyl ethylhexanoate or ethylhexyl hydroxystearate, and mixtures thereof.
