A method for producing water-repellent treated aluminum pigment dispersion includes (a) adding a glycidyl group-containing compound represented by the following formula (1) to an aluminum pigment dispersion in which an aluminum pigment is dispersed in an organic solvent for reacting a hydroxyl group present on the surface of the aluminum pigment with the glycidyl group-containing compound represented by the formula (1) to form a covering layer on the surface of the aluminum pigment: (in the formula, p represents an integer of 1 to 3, q represents an integer that satisfies a relation of p+q=3, r is an integer of 2 to 10, and R1 and R2 independently represent an alkyl group having 1 to 4 carbon atoms).