This invention relates to an aqueous
coating composition comprising an acrylic or
polyester resin (A); a curing agent (B); and a blocked
isocyanate group-containing urethane resin
emulsion (C) having a weight average molecular weight of 2,000 to 50,000, which is prepared using a polyisocyanate component and a
polyol component as starting materials, the polyisocyanate component comprising an alicyclic diisocyanate, and the
polyol component comprising a
polycarbonate diol in an amount of 50
mass % or more, based on the total amount of the
polyol component; (i) when the component (A) is an
acrylic resin, the aqueous
coating composition comprising the component (C) in an amount of, as solids content, 20 to 60
mass %, based on the total solids content of the components (A), (B) and (C); and (ii) when the component (A) is a
polyester resin, the aqueous
coating composition comprising the component (C) in an amount of, as solids content, 10 to 50
mass %, based on the total solids content of the components (A), (B) and (C).