Object To provide skin external preparations characterized in that the initial permeation rate of oil-soluble drugs (e.g. retinol and tocopherol acetate) is controlled to achieve their sustained release to thereby reduce skin irritation and that they also possess a fresh feel while featuring high degrees of safety and stability. Means of attaining the object A skin external preparation which comprises a finely dispersed, oil-soluble drug containing wax composition, the composition containing a solid or semisolid wax, a nonionic surfactant, an aqueous dispersion medium, and an oil-soluble drug, the mass ratio of the nonionic surfactant to the wax being 1.0 or more, and the wax, with the oil-soluble drug contained therein, being finely dispersed in solid or semisolid form in the aqueous dispersion medium.
