A method for producing water-repellent treated aluminum pigment dispersion includes (a) adding a polysilazane solution in which a polysilazane is dissolved in a second organic solvent to an aluminum pigment dispersion in which an aluminum pigment is dispersed in a first organic solvent for reacting a hydroxyl group present on the surface of the aluminum pigment with the polysilazane to form a covering film on the surface of the aluminum pigment. The amount of the polysilazane in the reaction system for forming the covering film is 0.4 parts by mass or less based on 1 part by mass of the aluminum pigment, and the total addition amount of the polysilazane is from 0.2 to 0.6 parts by mass based on 1 part by mass of the aluminum pigment.