The work aims to study the color rendering effect of pearly pigment in the water-soluble varnish under different parameters. The pearly pigments were uniformly dispersed into water-based varnish, and printed on the offset color sample. The chromatic values of color sample before and after printing were measured to calculate the color difference. The effects of pearly pigment mass fraction and plate screen lines on its color rending effect were studied. The main density and color difference of three kinds of pearly pigments (in yellowish green, blue and gold) increased with the increase of mass fraction. Under the same mass fraction, when the indigo pigments of three particle sizes (5~25, 10~60 and 40~100 µm) respectively responded to the gravure rollers with 70, 60 and 50 lpi/cm screen lines, the main density of the color and the color difference were the largest. The study indicates that, the mass fraction is the most important factor that affects the color rendering effect of pearly pigment. When the particle size of the pigment and the screen lines of the gravure roller are matched, the color rendering effect of the pearly pigment is the best.