The present invention relates to a water-based ink containing a pigment (A), a water-soluble organic solvent (C), a surfactant (D) and water, in which a content of water in the water-based ink is not less than 40% by mass and not more than 65% by mass, a boiling point of the water-soluble organic solvent (C) is not higher than 230° C., and a content of a high-boiling point organic solvent having a boiling point of not lower than 250° C. in the water-based ink is not more than 4% by mass, and the surfactant (D) contains a silicone-based surfactant (d-1) and an acetylene glycol-based surfactant (d-2) which satisfy the following conditions 1 and 2: Condition 1: [(content of component (d-1))/(content of component (C))]×100=0.15 to 4; and Condition 2: [(content of component (d-2))/(content of component (C))]×100=0.35 to 1.65. In accordance with the present invention, it is possible to form ink dots having a complete circular shape and produce a printed material that is excellent in solid image fillability, image quality and rub fastness even when printed on a low-liquid absorbing printing medium.