Abstract: A cored multi-shell emulsion particle consisting of a core particle, a void layer existing in the exterior of the core particle and a shell layer, each of which has a diameter of .phi., d and D, respectively, and the ratio of .phi., d and D is in the following range..phi./D=0.1-0.6d/D=0.2-0.8 (d>.phi.)The particle exhibits excellent hiding power, brightness, gloss and thermal insulation property as an organic pigment without impairing drying ability and strength of coated layer.