Abstract: A pigment composition according to an embodiment includes aluminum flakes coated with a plurality of metal oxide layers and TiO2 coated with a metal oxide layer, thus having explosion stability. The pigment composition may be prepared by mixing with TiO2 coated with a metal oxide layer having lower apparent specific gravity as compared to other plate-shaped inorganic particles. The pigment composition can have stability against a thermite reaction by aluminum and metal oxides while preventing deterioration of saturation and opacity.