A changing color composition for caring for and/or making up keratin materials is disclosed. The composition comprises in a physiologically acceptable medium, at least: a) microcapsules containing releasable colorant(s), said microcapsules comprising: a core comprising one organic material, at least one layered coating surrounding said core, the layered coating comprising at least one polymer, at least one colorant, and advantageously at least one lipid-based material, b) at least 3% by weight, preferably at least 5 by weight, more preferably at least 8% by weight and advantageously at least 10% by weight relative to the weight of the composition of an aqueous phase comprising water and at least one compound chosen from polyols, glycols and C2-C8 monoalcohols, and mixtures thereof, c) at least one hydrophilic gelifying agent, d) and optionally 0.1 to 70% by weight relative to the weight of the composition, of additional cosmetic ingredient(s) selected from volatile and non-volatile silicon or hydrocarbon oils, surfactants, filler, thickening agents, film forming agents, polymers, preservatives, silicon elastomer, self-tanning agents, additional non-entrapped colorants, cosmetic actives, pH regulators, perfumes, and mixtures thereof.