The invention provides an erasable neutral ink composition comprising a neutral ink component (A) and an erasable liquid component (B), wherein the component (A) comprises the following components in parts by weight: 2.0-7.0 parts of a microcapsule acid-alkali sensitive dye (a), 0.1-0.2 part of a thickening agent (b), 1.0-3.0 parts of a pH regulator (c), 10.0-15.0 parts of a humectant (d), 0.05-0.3 part of an antiseptic and anti-mildew agent (e), 0-0.5 part of other auxiliary agents (f) and 74-81.75 parts of deionized water (g), wherein the total weight of the components (a)-(g) accounts for 95-100% of the total weight of the composition, the viscosity of the neutral ink component is 1500-3000mPa.s, and the thixotropic value is more than or equal to 2.5; and the component (B) is an alkaline solution comprising an aqueous solution of one or more of sodium hydroxide, 2-amino-2-methyl-1-propanol, N-methylethanolamine, dimethylethanolamine, monoethanolamine, diethanolamine, triethanolamine, butyl ethanolamine, butyl diethanolamine, 2-amino-2-ethyl-1,3-propylene glycol and N-aminopropyl-methylethanolamine.