The invention provides a color-developing composition without using a pigment or dye and capable of being colored sustainably and stably after mixing two liquid phases which are colorless before mixing. The composition consists of two discrete liquid phases, wherein the refractive index of each liquid phase is identical to each other at a point within the wavelength range from 400 nm to 800 nm, wherein a continuous layer and a dispersion layer are formed by mixing and dispersing said two phases whereby developing a color. Alternatively, the composition is a powder dispersion consisting of a liquid phase and a silica powder-containing solid phase, wherein said liquid phase has a refractive index n1 and said silica has a refractive index n2, which satisfy Equation (1): |n1-n2|<0.05 (1) whereby developing a color on the basis of the difference in the refractive index at the interface between the liquid phase and the solid phase. The present invention also provides a cosmetic preparation, a fragrance product and a display article using the composition.