To provide a photoluminescent pigment excellent in photoluminescence and hiding performance, and a production method for reliably producing the same.

The photoluminescent pigment has a transparent or translucent base material, a transparent film comprising a metal oxide and coating the surface of the base material, and metal regions disposed in a dotted fashion on the surface of the transparent film and containing reduced metal Pd in central parts thereof. The surface of the resulting pigment reliably becomes a composite surface comprising the surface of the metal region and the surface of the transparent film enclosing the same, so that interference of reflected light can be reliably achieved.