A method of manufacturing a micro-particle dispersion having a hydrophobic protective colloid comprising the steps of: (a) dispensing micro-particles in a hydrophilic dispersant to form a hydrophilic micro-particle dispersion having the hydrophilic dispersant as a protective colloid, and (b) adding a dispersant to the hydrophilic micro-particle dispersion, the dispersant having a functional group capable of ion bonding with a hydrophilic group of the hydrophilic dispersant.