To prepare a water-based cosmetic excellent in persistency of makeup, water resistance, resistance to sebum, touch, transfer-preventing effect and coloring while reducing strain on the skin by formulating pigments in which oil absorption amount is suppressed, and minimizing defatting from the skin.

This water-based cosmetic is obtained by formulating (A) one or more kinds of surface-treated pigments selected from surface-treated plate pigments in which squalane oil absorption amount is ≤80 when squalane oil absorption amount before the surface treatment is defined as 100 and/or (B) one or more kinds of surface-treated pigments selected from surface-treated non-plate pigments in which squalane oil absorption amount is ≤55 when squalane oil absorption amount before the surface treatment is defined as 100 so that total amount of these components (A) and (B) becomes 40-100 mass% based on the total amount of pigments and further formulating a surfactant selected from the group consisting of a modified silicone such as a brunched silicone type polyeter-modified silicone, a sorbitan fatty acid ester and a polyglycerol fatty acid ester, and a volatile silicone selected from the group consisting of cyclomethicone, methyltrimethicone and a compound represented by the formula (1): [(CH3)3SiO]4Si therein.