The present invention provides a variable color transparent lip balm, consisting of following components by weight percent: 4.0 to 5.0% by weight of dibutyl lauroyl glutamide, 2.0 to 3.0% by weight of polyamide-3, 15.0 to 20.0% by weight of bis-stearyl ethylenediamine/neopentyl glycol/stearyl hydrogenated dimer dilinoleate copolymer, 46.65 to 49.60% by weight of C12-15 alkyl benzoate, 1.0 to 3.0% by weight of heptyl undecylenate, 9.0 to 11.0% by weight of C10-30 cholesterol/lanosterol esters, 10.0 to 15.0% by weight of hydrogenated C6-20 polyolefin, 1.5 to 2.5% by weight of dextrin isostearate, 0.05 to 0.1% by weight of eosin yellowish and 0 to 0.8% by weight of excipient. The transparent lip balm of the present invention has good transparency, and excellent variable color effect.