To provide a transparent to translucent cosmetic composition which is highly stable, and can impart excellent actual feelings of effectiveness in use, such as a feeling of skin penetration, a feeling of non-stickiness, and a skin-softening effect after application thereof to the skin. A transparent to translucent cosmetic composition comprising: (a) a hydrogenated phospholipid, (b) one or more selected from among branched higher fatty acids and higher alcohols, and (c) a polyalcohol that acts as a good solvent and/or a poor solvent for component (a). Preferably, component (b) is isostearic acid and/or isostearyl alcohol. Preferably, the ratio of component (a)/component (b) is from 1/0.01 to 1/0.4 (by mass).
