To provide a metal alkoxide condensate dispersion in an aqueous dispersion which can give a functional coating film having electrical properties, optical properties, mechanical properties, etc., and has good storage stability, to provide a production method thereof, to provide an aqueous coating composition using the same, and to provide an organic/inorganic composite coating film prepared by using the aqueous coating composition.

Provided is an aqueous coating composition containing a condensate (I) prepared by condensing as essential components a water-based dispersion of a cationic resin (X) or an aqueous solution or dispersion of a nonionic resin (Y), a metal alkoxide (A) except silane and/or a partial condensate thereof and an amino-containing silane compound (B) and/or a partial condensate thereof, and an acid (II).