To provide an aqueous dispersion and a production method in which emulsion polymerization is carried out using a high molecular emulsifier obtained by the solution polymerization, bulk polymerization or the like and the dispersion is stable without developing a coagulated material in the polymerization and which can form a coated film with excellent roll coating aptitude and good gloss, blocking resistance and adhesiveness when it is used as a coating agent.

In the presence of a primary polymer (a') and a rosin (b), a radical polymerizable unsaturated monomer containing an aromatic monomer (Y) is subjected to emulsion polymerization to obtain the aqueous dispersion (c). The polymer (a') is obtained by neutralizing with a basic substance, the primary polymer (a), which is obtained by polymerizing a radical polymerizable unsaturated monomer containing a carboxyl group-containing monomer and an aromatic monomer (X).