To obtain the subject coating material excellent in light resistance, alkali resistance, weatherability and dispersibility, by subjecting metal powder having adsorbed a cationic dispersant on the surface and ultrafine powder of metal oxide having adsorbed an anionic dispersant on the surface in a specific ratio to ionic reaction.

(A) Metal powder such as aluminum, copper, brass, chromium, nickel, cobalt or stainless steel having adsorbed 0.5-5wt.% of a cationic dispersant on the surface and 1.0-100μm particle diameter and (B) ultrafine powder of metal oxide such as titanium oxide or iron oxide having adsorbed 1-5wt.% of an anionic dispersant on the surface and 0.01-0.1μm particle diameter at a ratio of the components A/B of (100/1) to (100/10) are subjected to an ionic reaction so as to give the objective coating material containing a metallic pigment in which the component B is coordinated on the surface of the component A, excellent in coated film performances such as no formation of seediness when a coated film is made.