Disclosed is a metallic pigment composition which is stably dispersed in a water borne coating composition and which also provides with smooth coatings having superior water resistance. The metallic pigment composition comprises a metallic pigment and a phosphorous compound represented by the following formula (I) or (II); ##STR1## wherein l and 0 or 1, m is an integer of 1 to 4, R.sub.1, R.sub.2 R.sub.7 and R.sub.8 represent aliphatic, alicyclic or aromatic hydrocarbon groups which are the same or different, selected from a hydrogen atom, a C.sub.1 -C.sub.24 aliphatic hydrocarbon group, a C.sub.3 -C.sub.24 alicyclic hydrocarbon group or a C.sub.6 -C.sub.24 aromatic hydrocarbon group, and R.sub.1 has a valence of m, R.sub.3, R.sub.4, R.sub.5 and R.sub.6, which are the same or different, represent C.sub.1 -C.sub.3 aliphatic hydrocarbon group or a C.sub.6 or C.sub.7 aromatic hydrocarbon group, ##STR2## wherein n is 0, 1 or 2, p is an integer of 1 to 3, n+P equals 3, q is 0 or 1, R.sub.9, R.sub.14 and R.sub.15, which are the same or different, represent a hydrogen atom, a C.sub.1 -C.sub.24 aliphatic hydrocarbon group, a C.sub.3 -C.sub.24 alicyclic hydrocarbon group or a C.sub.6 -C.sub.24 aromatic hydrocarbon group, R.sub.10, R.sub.11, R.sub.12 and R.sub.13, which are the same or different, represent a C.sub.1 -C.sub.3 aliphatic hydrocarbon group or a C.sub.6 or C.sub.7 aromatic hydrocarbon group;the phosphorus compound being present in an amount of 0.5 to 200 parts by weight based on 100 parts by weight of the metallic pigment.The present invention also provides a water borne coating composition which contains the metallic pigment composition.