A process for preparing an aqueous dispersion of a pigment is disclosed. The process involves providing a surface active agent having a solubility of 0.1% or less in water at a temperature of about 25.degree. C. The agent is also soluble in an organic solvent. The agent is dispersed in water to provide an aqueous dispersion of the agent. The pigment is then dispersed in the aqueous dispersion of the agent to form the aqueous dispersion of the pigment. The dispersion causes less foaming, aggregation and sedimentation of the pigment particles when the dispersion is stored. The dispersion is particularly useful when utilizing carbon black as the pigment and applying the dispersion to the field of photographic materials. The presence of the surface active agent does not have secondary effects on photographic materials.