The present invention provides a high internal phase water-in-oil type cosmetic composition which shows colors by containing pearl particles or aqueous pigments in an internal phase. The present invention employs a particular kind of emulsifier forming large emulsification particles in order to allow the pearls or pigments to stably exist in an aqueous phase as an internal phase, and employs particular kinds of dispersant and preservative in order to supplement the emulsifying power for emulsion formation, prevent the separation of the formulation, and improve fluidity. In addition, in order to increase the degree of surface filling of the composition, silicone oil and ester oil are contained in an oil phase component as an external phase, and are mixed at a weight ratio in a suitable range. The cosmetic composition of the present invention provides the various aesthetic and functional effects of the pearls by stabilizing the pearls in the internal phase.
