The present invention relates to a pearlescent pigment with large aspect ratio and a method of their preparation, and particularly to pearlescent pigments prepared by coating a metal or metal precursor on the flaky alpha-alumina crystals obtained by using an aluminum precursor aqueous solution and a zinc precursor aqueous solution as main ingredients. The crystals herein has an average particle thickness of 0.5 [mu]m or less, an average particle diameter of 15 [mu]m or higher and a large aspect ratio of 50 or higher, thereby being superior in gloss. The crystals show metal colors and interference colors of silver, gold, red, purple, blue and green.