The present invention provides a titanium dioxide dispersion having a good dispersibility and also provides a cosmetic containing the same. The titanium dioxide dispersion comprises (a) a hydrophobized, treated titanium dioxide powder; (b) one or more oils selected from isohexadecane, isododecane, 2-ethylhexyl 2-ethylhexanoate, isononyl isononate, 2-ethylhexyl isononanoate, isononyl 2-ethylhexanoate, and polypropylene glycol dipivalate; and (c) a siloxane compound represented by the following formula (1), preferably polyoxyalkylene/alkyl comodified organopolysiloxane. R1aR2bR3cSiO(4-a-b-c)/2  (1)