An object of the present invention is to provide a liquid composition wherein minoxidil can be dissolved at a relatively high concentration (the saturating amount or above), stimulation of skin and stickiness is suppressed without containing an organic solvent, and excellent effects of percutaneous absorption is achieved. The present invention provides a liquid composition comprising (i) minoxidil, (ii) bile acid or a salt thereof, and (iii) an aqueous medium in an amount of 30% by weight or more of the weight of the composition.