The present invention is directed to an aqueous dispersion comprising: (a) at least one solid wax particle having a particle size ranging from equal to or greater than 1 micron to about 100 microns and comprising at least one wax having a melting point of greater than 35° C.; (b) a surfactant mixture comprising at least one nonionic surfactant and at least one ionic surfactant; and (c) water. The aqueous dispersion may be employed in compositions capable of delivering benefits to various substrates, for example, keratinous substrates such as skin and hair.