A novel granule dispersion composition which comprises water and, dispersed therein, a finely pulverized, sparingly water-soluble substance. The granule dispersion composition is prepared by dispersing in water a granular material which comprises a specific substance sparingly soluble in water, a polymer, and an oil and has an average particle diameter of 1 μm or smaller and in which the ratio of the total weight of the polymer and oil to the weight of the specific substance is 1.5 or higher.