An inorganic particle-polysiloxane composite, comprising inorganic particles of core/shell structure having a core comprising at least one compound selected from aluminum oxide, cerium oxide, titanium oxide, zinc oxide, indium tin oxide, zirconium oxide, tin oxide and iron oxide and a shell of silicon oxide around the core, and having a 50% cumulative particle size of 1 to 200 nm on volume basis particle size distribution as measured by the dynamic light scattering method, and polysiloxane containing SiR 2 R 3 O 2/2 and SiR 4 R 5 R 6 O 1/2 units grafted at least in part onto the particle surfaces, optionally via a siloxane coating layer containing SiR 1 O 3/2 units, wherein the total amount of the siloxane constituents represented by SiR 1 O 3/2, SiR 2 R 3 O 2/2 and SiR 4 R 5 R 6 O 1/2 units is from 20 to 20,000 parts by weight per 100 parts by weight of the inorganic particles and a ratio ∑D/∑M is at least 3, where ∑D is an integrated value of NMR signals assigned to all D units (SiR 2 R 3 O 2/2) on analysis by 29 Si nuclear magnetic resonance spectroscopy, and ∑M is an integrated value of NMR signals assigned to all M units (SiR 4 R 5 R 6 O 1/2), and obtainable by effecting ring-opening polymerization of cyclic siloxane of the formula: in a dispersion of the inorganic particles; wherein in the above formulae SiR 1 O 3/2, SiR 2 R 3 O 2/2 and SiR 4 R 5 R 6 O 1/2: each R 1 independently is hydrogen or a group selected from C 1 -C 20 alkyl group, C 2 -C 20 alkenyl group, C 6 -C 20 aryl group and (poly)dimethylsiloxy group of up to 50 silicon atoms, which group may be substituted with (meth)acrylic, oxiranyl, amino, mercapto, isocyanate or fluorine radical, each R 2, R 3, R 4 and R 5 independently is hydrogen or a group selected from C 1 -C 20 alkyl group, C 2 -C 20 alkenyl group, C 6 -C 20 aryl group and (poly)dimethylsiloxy group of up to 50 silicon atoms, which group may be substituted with(meth)acrylic, oxiranyl or fluorine radical, and R 6 is hydrogen or a group selected from C 1 -C 20 alkyl group, C 2 -C 20 alkenyl group, C 6 -C 20 aryl group, (poly)dimethylsiloxy group of up to 50 silicon atoms, C 1 -C 10 alkoxy group and hydroxyl group, which group may be substituted with (meth)acrylic, oxiranyl or fluorine radical, and wherein in the above formula: R 7, R 8, R 9, R 10, R 11 and R 12 are each independently hydrogen or a group selected from C 1 -C 20 alkyl group, C 2 -C 20 alkenyl group, C 6 -C 20 aryl group, and (poly)dimethylsiloxy group of up to 50 silicon atoms, which group may be substituted with (meth)acrylic, oxiranyl or fluorine radical, and n is an integer of 0 to 10. each R 1 independently is hydrogen or a group selected from C 1 -C 20 alkyl group, C 2 -C 20 alkenyl group, C 6 -C 20 aryl group and (poly)dimethylsiloxy group of up to 50 silicon atoms, which group may be substituted with (meth)acrylic, oxiranyl, amino, mercapto, isocyanate or fluorine radical, each R 2, R 3, R 4 and R 5 independently is hydrogen or a group selected from C 1 -C 20 alkyl group, C 2 -C 20 alkenyl group, C 6 -C 20 aryl group and (poly)dimethylsiloxy group of up to 50 silicon atoms, which group may be substituted with(meth)acrylic, oxiranyl or fluorine radical, and R 6 is hydrogen or a group selected from C 1 -C 20 alkyl group, C 2 -C 20 alkenyl group, C 6 -C 20 aryl group, (poly)dimethylsiloxy group of up to 50 silicon atoms, C 1 -C 10 alkoxy group and hydroxyl group, which group may be substituted with (meth)acrylic, oxiranyl or fluorine radical,