To obtain an aqueous erasing liquid the sediment of which hardly forms a hard cake and is easily redispersible by compounding at least titanium oxide, an inorganic salt, a resin and water.

Both rutile-type and anatase-type titanium oxide can be used. Untreated or inorganic-treated titanium oxide is preferable, the latter being better. Examples of a metal oxide used for the surface treatment are Al2O3, SiO2, ZrO2, ZnO, and TiO2. The amount of titanium oxide used is preferably 30-70 wt.% of the aqueous erasing liquid. The inorganic salt is used for improving the aging stability of dispersion, the use of borax being preferable. Borax is used preferably in an amount of 0.05-1 wt.% of the liquid. The resin is used for ensuring the fixability to the surface of paper, or the like, and the film strength in rewriting, a natural or synthetic water-soluble resin solution or water-dispersible resin emulsion being used. The resin is used preferably in an amount of 3-20 wt.% (solid basis). The content of water is preferably 5-50 wt.%.