Abstract: The object of the present invention is to provide a lustrous pigment free from the defects of conventional platelike or flaky iron oxide pigments that a mechanical strength is poor, adjustable colors are restricted and that a pigment lustrous is weak even if colors can adjusted variously and a method of producing the same. The present invention relates to a flaky iron oxide lustrous pigment having a hematite structure characterized by containing at least one of the elements selected from Zn, Sb and Sn and Al in solid solution and its platelike crystal having an average thickness of 0.8 .mu.m or more, preferably the content of at least one of the elements selected from Zn, Sb and Sn being in the range of 0.05 to 0.5 weight % as oxides and the content of Al being in the range of 0.5 to 3 weight % as Al.sub.2 O.sub.3.