Abstract: The present invention relates to a weakly acidic composition for skin external application, which comprises a pH adjuster, a polymeric thickener and a multi-lamellar emulsion and has a pH of 3-5, preferably 3-4.5, and to a cosmetic formulation comprising the composition. The multi-lamellar emulsion in the weakly acidic composition of the present invention contains large amounts of dermatologically useful oleophilic substances, has skin barrier function, and is stably maintained at a relatively low pH, and thus the composition normalizes the pH of the skin to enhance or restore the skin's barrier function to thereby restore and maintain the skin in a healthy state, and effectively moisturizes the skin. In addition, the composition is maintained at suitable viscosity so as to be effectively prevented from phase separation. Also, the composition does not penetrate the skin, and thus causes no skin irritation.