The invention provides ferric oxide oily color paste which comprises the following components in percentage by weight: 15%-60% of ferric oxide, 10%-50% of titanium dioxide, 15%-50% of an organic solvent, 0.1%-5% of a thickener, 2%-15% of an emulsifier, 0.5%-20% of a stabilizer, 0.01%-2% of a microbicide and the balance of water. The ferric oxide oily color paste has the advantages of good coloring and covering capability, high solid content, excellent waterproof performance, good in stability and the like, and is safe, nontoxic, convenient to use; moreover, the ferric oxide oily color paste is relatively low, a preparation process is simple and easy for industrialized production, and the ferric oxide oily color paste can replace conventional ferric oxide powder and is widely applied in the fields of cosmetics, food package and the like.