Multimodal hallucination remains a persistent challenge for Vision-Language Models (VLMs). Standard textual Direct Preference Optimization (DPO) often fails to mitigate it due to a lack of explicit visual supervision. While existing works introduce visual preference DPO by contrasting original images against negative ones, they suffer from a theoretically inconsistent objective caused by partition function mismatches and rely on coarse-grained negatives that could enable shortcut learning. In this work, we propose In-Context Visual Contrastive Optimization (IC-VCO). By placing contrastive images within a shared multi-image context, IC-VCO ensures a mathematically rigorous objective. We further introduce Visual Contrast Distillation (VCDist), an auxiliary reliability-gated regularizer that encourages consistency between multi-image contrastive training and single-image inference. Finally, we propose a contrastive sample editing strategy that generates hard negatives via precise semantic perturbations. Experiments on five benchmarks demonstrate IC-VCO's best overall performance and the effectiveness of our sample editing strategy. Code and data are available at https://github.com/OPPO-Mente-Lab/IC-VCO.