The instant invention relates to a changing color composition for caring for and/or making up keratin materials in the form of an O/W emulsion formed from oily globules with a mean diameter of less than 0.8 micrometer and dispersed in an aqueous phase comprising, in a physiologically acceptable medium, at least microcapsules containing releasable colorant(s). The instant invention also relates to a cosmetic process for caring for and/or making up keratinic materials.