PURPOSE: To provide a process for producing a polymer emulsion having excellent storage stability, giving a coating film having excellent nature and suitable as a paint.

CONSTITUTION: A monomer (A) containing 2 or more polymerizable groups in one molecule and giving a polymer having a glass transition temperature of 50°C or higher is emulsified in water to obtain an aqueous emulsion of the monomer. The monomer (A) is polymerized in the above emulsion together with a monomer (B) giving a polymer having a glass transition temperature of 40°C or lower and a monomer (C) having a hydrophilic group. The polymerization is carried out in the presence of 0.05-0.36 pts.wt. of a water-soluble polymerization initiator while adding 2-50 pts.wt. of the monomer (B) and 0.1-5 pts.wt. of the monomer (C) to 100 pts.wt. of the monomer (A).