It definitely has charcoal! I was expecting a much finer presence of charcoal, when I sprayed the product on my face it had almost a black gray cast which bugged me all day. It didn’t look right. I shoot it real good and used it again the following day and got the same effect. I sprayed it in the sink to see the charcoal, that’s the second photo. While I wasn’t oily, I was not happy with the color or the product. I won’t be purchasing this again.