The present invention provides a pigment dispersion and a method of producing the pigment dispersion. The pigment dispersion includes: water; a pigment; a pigment dispersing polymer; and a rosin acid that includes at least one selected from the group consisting of abietic acid, salts of abietic acid, dihydroabietic acid and salts of dihydroabietic acid, and a total content of abietic acid, salts of abietic acid, dihydroabietic acid and salts of dihydroabietic acid is 50% by mass or higher with respect to a total mass of the rosin acid contained in the pigment dispersion. The pigment dispersion is excellent in terms of dispersibility, storage stability after dispersion, and jettability when used for an inkjet recording ink.