A liquid crystal composition contains liquid crystals containing one kind of or two or more kinds of silicone surfactants, a phenyl-modified silicone oil and water. The liquid crystal composition of the present invention contains 5 to 95% by weight in total of one kind of or two or more kinds of silicone surfactants, 0.1 to 90% by weight of a phenyl-modified silicone oil and 0.1 to 90% by weight of water. The liquid crystal composition of the present invention can solubilize hydrophobic compounds having poor solubility (for example, hydrocarbon oils such as squalane, fatty acids such as oleic acid and lipoic acid and ester oils such as cetyl isooctanoate) and is thus useful, for example, as toiletry materials and cosmetic materials.