To provide a varnish excellent in suitability for high-speed printing, e.g. misting resistance, drying property, suitability for emulsification and gloss corresponding to speed-up of printing and excellent in working environment because of use of solvent having low aromaticity, and to provide a printing ink comprising the varnish.

This invention relates to the varnish composition characterized by including a rosin-modified phenol resin obtained by reacting a reaction product of a metal salt of rosin and/or a metal salt of reaction product of rosin with a carboxylic acid compound with an alkylphenol in which carbon number of alkyl group is 4-12 and formaldehyde and having 500-2,000 weight average molecular weight with a polyhydric alcohol, and the printing ink.