PROBLEM TO BE SOLVED: To obtain an oily composition having water dispersibility and highly containing a dimer acid ester or a copolymer of the dimer acid ester as an oil solution without using an additive such as an emulsifier.SOLUTION: An oily composition contains following (A)-(C) components: (A) a dimer acid ester or a copolymer of the dimer acid ester (B) a salt of a tocopheryl phosphoester and (C) glycerol. A D phase composed of (B) and (C) is prepared, and (A) is dispersed in the D phase to make O/D gel.