A water-based ink composition that has high ejection stability even when it is used in an ink jet recording method that involves a high driving frequency and that can achieve high-resolution printing, a pigment dispersion for use in the water-based ink composition, and a method for producing the pigment dispersion are provided. Moreover, an inkjet recording method and a recorded matter using the water-based ink composition are provided. A pigment dispersion of the present invention is a pigment dispersion at least containing a pigment, a water-insoluble polymer that coats the pigment to make the pigment dispersible in water, a wetting agent, and water, wherein the pigment dispersion is prepared by heating a dispersion at least containing the pigment, the water-insoluble polymer, and 0.1 mass % to 10 mass % of the wetting agent relative to the total amount of the dispersion.