To provide a powder coating excellent in storage stability, weather resistance and resistance to water of coating film together with workability in coating and appearance of the finished coating and to provide a method of forming the coating film.

This powder coating having 5-50 μm of average particle diameter and ≥0.9 of average circularity, is obtained by subjecting a powder coating stock solution containing (A) a fluorine containing copolymer having a curing reactive group, (B) a curing agent which can react with the curing reactive group of the fluorine containing copolymer and (C) an organic solvent as the essential constituting components, to spray drying.