A photoluminescent pigment that devoid entirely of the sensation of being particulate, highly excels in the sensation of being silky; and a photoluminescent coating material containing the same. There is provided an aqueous-medium dispersion of photoluminescent pigment, characterized in that the photoluminescent pigment consists of a flaky titanic acid resulting from acid treatment of a layered titanic salt followed by action of an organic basic compound to thereby bring about inter-layer exfoliation, the flaky titanic acid having an average major diameter of 5 to 30 [mu]m and an average thickness of 0.5 to 300 nm.