Pilomatricoma (PM; calcifying epithelioma of Malherbe) is an uncommon adnexal tumour originating from the matrix of the hair follicles. Bullous appearance is a rare variant of PM, and its pathogenesis remains unclear. Here, we present a case of a 17‐year‐old girl with a pseudobullous PM on the right shoulder. Lymphatic dilatation and collagen disorder were histopathologically observed in this case, which may provide clues to elucidate the pathogenesis of pseudobullous PM.