To provide an aqueous emulsion which excels in water resistance, viscosity stability at low temperatures, particularly at extremely low temperatures near the freezing point, freeze-thaw stability, and skinning resistance, and to obtain an adhesive.

In preparing the aqueous emulsion by the emulsion polymerization of a vinyl ester monomer in the presence of a vinyl alcohol polymer having ≥1.9 mol% 1,2-glycol bond, a carboxyl group-containing unsaturated monomer in a quantity of 0.1-10 wt.% based on the vinyl ester monomer is added to the vinyl ester monomer. The adhesive is composed of the obtained aqueous emulsion.