A dispersion liquid contains fine particles of core-shell type inorganic oxide that have high dispersion stability and transparency and allow for excellent light resistance and weather resistance by being mixed in a coating film. The fine particles are produced by treating the surfaces of (a) fine particles of titanium-containing metal oxide serving as core particles with a hydrate and/or an oxide of a metal element such as zirconium to provide surface-treated particles or fine particles of titanium-containing metal oxide having (b) an intermediate layer and by covering the surfaces of the surface-treated particles to form (c) a shell layer with a composite oxide of silicon and at least one metal element selected from aluminum, zirconium, and antimony.