A process for preparing a pharmaceutical ointment, said ointment comprising 0.5 to 10 percent by mass of micronizod piroxicam, 15 to 30 percent by mass of hydrophobic carrier(s), 60 to 75 percent by mass of water, 0.1 to 10 percent by mass of additive(s), and 2 to 5 percent by mass of emulsifiers consisting of (i) a poly(ethylene glycol) alkyl or alkenyl ether and (ii) a sorbitane ester of a fatty acid or an oleic acid in a mass ratio of 3:1 to 1:3, said ointment being free from skin irritative action, said process comprising admixing 15 to 30 percent by mass of hydrophobic carrier(s), 60 to 75 percent by mass of water, 0.1 to 10 percent by mass of additive(s) and 2 to 5 percent by mass of emulsifiers consisting of (i) a poly-(ethylene glycol) alkyl or alkenyl ether and (ii) a sorbitane ester of a fatty acid or an oleic acid in a mass ratio of 3:1 to 1:3, and adding 0.5 to 10 percent by mass of micronizod piroxicam to the mixture of the above constituents.