It is to provide a cosmetic composition comprising a coacervate droplet which can form a metastable water-in-water type emulsion.A cosmetic composition of the present invention comprises a water phase as a matrix and an oil phase dispersed therein, and stabilized by a coacervate droplet of an anionic polyelectrolyte and a cationic polyelectrolyte, the coacervate droplet being one which can form a metastable water-in-water type emulsion.