To provide an aqueous adhesive composition for wood capable of catching formaldehyde generating from wood, excellent in adhesiveness to wood and in water resistance, and capable of controlling bleed-out of additives.

The aqueous adhesive composition for wood comprises a urethane emulsion (A) having at least two carbonyl groups and a compound (B) having at least two hydrazino groups. The hydrazino group of the compound B is contained in more than an equivalent amount to carbonyl group of the urethane emulsion (A).