PROBLEM TO BE SOLVED: To provide an external preparation for skin or mucous membrane which is excellent in feeling of use while using petrolatum as a base. An external preparation for skin or mucous membranes according to the present invention comprises a liquid or semi-solid oil phase comprising petrolatum or containing petrolatum and having a viscosity of 5000 mPa·s or more at 25° C., and a water-insoluble function. Each of the water-insoluble functional component phases containing a hydrophilic component is used as an internal phase and the aqueous phase as an external phase, and the vesicles formed by the polycondensation polymer particles having a hydroxyl group and/or the amphipathic substance are It is present at the interface and at the interface between the functional component phase and the aqueous phase. [Selection diagram] None【課題】ワセリンを基剤としながらも使用感に優れた皮膚又は粘膜の外用剤を提供すること。【解決手段】本発明に係る皮膚又は粘膜の外用剤は、ワセリンからなるか又はワセリンを含み25℃において粘度が5000mPa・s以上である液体若しくは半固体である油相、及び非水溶性の機能性成分を含む非水溶性機能性成分相の各々を内相、水相を外相とし、水酸基を有する重縮合ポリマー粒子及び/又は両親媒性物質により形成されるベシクルが、油相及び水相の界面、並びに機能性成分相及び水相の界面に介在する。【選択図】なし