The present invention provides a layered double hydroxide which comprises a basic layer formed of a metal double hydroxide represented by M(II)1-xM(III)x(OH)2(I), wherein M(II) represents Mg, Zn or a mixture thereof; M(III) represents Al; and x is 0.2 to 0.33, an acetate of Mg, Zn or Ce intercalated in an interlayer between basic layers, and interlayer water, and is reversibly peelable in water, and a process for producing the same. The layered double hydroxide is usable as a vehicle component or a rust preventive pigment in a water-based metal protective coating composition and is further usable as humectants or stabilizers in cosmetics such as lotions, creams, or foundations.