To provide an aqueous dispersion excellent in water resistance and heat resistance and excellent in left viscosity stability (long in pot life), to provide an adhesive, and to provide a coating agent.

The present invention relates to an aqueous dispersion which comprises (A) polymer fine particles comprising the units of at least one monomer selected from ethylenic unsaturated monomers and diethylenic unsaturated monomers as a main component, 0.1 to 10 wt.% of the units of one or more cross-linkable unsaturated monomers selected from carboxyl group-having unsaturated monomers, N-methylol(meth)acrylamide, N-butoxymethyl(meth)acrylamide, diacetone acrylamide, and acetoacetoxyethyl (meth)acrylate, and 0.01 to 2 wt.% of the units of multifunctional ethylenic unsaturated monomer, (B) a vinyl alcohol-based polymer containing ethylene units in an amount of 1 to 10 mol% and having a saponification degree of 85.0 to 99.5 mol%, (C) a carboxyl group-having vinyl alcohol-based polymer, and (D) a cross-linking agent. A production method for the dispersion is also disclosed.