A surfactant-free, alcohol-free, water based antimicrobial composition comprising a dissolved phenolic antimicrobial agent, such as chloroxylenol (“PCMX”), and with a pH range between 5.5 to 6.5. The dissolved phenolic antimicrobial agent is able to achieve a high level of antimicrobial activity despite being present at a low percent concentration. Other ingredients include a glycol, glycerin, a neutralizing agent, a preservative, an acrylic polymer, a polysaccharide polymer, and deionized water. Optional ingredients include fragrance, additional moisturizers, and a pH adjuster. The process for formulating the antimicrobial composition utilizes an anhydrous water soluble solvent complex to dissolve the phenolic antimicrobial agent.