To obtain an adhesive composition which is excellent in water-resistant adhesivity and thermal creep resistance and does not generate formalin causing hygienic ploblems, when user for building material uses, etc.

This adhesive composition comprises the components (A) and (B) in a weight ratio of 90/10 to 50/50. The component A is an ethylene-vinyl acetate-polyfunctional monomer copolymer aqueous emulsion, wherein an ethylene/vinyl acetate weight ratio in the copolymer is 5/95 to 40/60; a polyfunctional monomer/vinyl acetate weight ratio is (0.05 to 1.0)/100; the toluene insoluble content of the copolymer is ≥70 wt.%; an emulsion polymerization catalyst on the production is a redox catalyst containing an oxidizing agent and a reducing agent; and the reducing agent contains a transition metal salt and a tartaric acid salt or a glyoxal bisulfite salt. The component B is an anionic polyurethane aqueous emulsion.