Provided is an ink composition containing a pigment, an aqueous medium, a copolymer resin of a hydrophobic monomer and a hydrophilic monomer, and a urethane resin, wherein the weight ratio of the copolymer resin to the urethane resin (copolymer resin/urethane resin) being from 1/2 to 2/1, and wherein the pigment having an area average particle diameter of from 150 to 350 nm. Also disclosed are a production process of the ink composition, an ink set and a recording process using the ink composition, and a recorded image formed by the recording process.