Disclosed is a method for preparing a pearlescent pigment by coating metal oxides on the synthesized mica, involving the steps of grinding the synthesized mica by agitating the mica with water in a water mixer to a particle size between 100 and 500 μm and separating the mica, dispersing the separated particles of the synthesized mica in water and adding acid thereto to adjust pH between 1 and 4, adding the metal oxide precursors and a basic aqueous solution thereto while maintaining said pH range until the desired color is attained, and thereby forming at least one hydrous metal oxide layer on the particles of the synthesized mica, and filtering, water-washing, drying and calcining the synthesized mica coated with the metal oxide layer. The method may further involve the step of further pulverizing the synthesized mica roughly ground in a water mixer by using a conventional wet pulverizer so that less than 100 μm of the synthesized mica may be used as a base material. The suitable surfactants can be used in a water mixer as well as a conventional wet pulverizer. The pearlescent pigment prepared according to the present invention has excellent luster and chroma, since a coating layer of metal oxides is smooth and the dispersibility of the particles is excellent.