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).