PURPOSE: To produce a water-based adhesive based on a urethane polymer, in which an inorganic filler is stably dispersed and which has excellent adhesion.

CONSTITUTION: An aqueous inorganic-filled urethane polymer dispersion containing an inorganic filler is obtained by reacting a mixture comprising a polyol compound, a functional compound having at least two active hydrogen atoms reactive with an isocyanate group and at least one hydrophilic group selected from between a carboxyl group and a sulfonyl group in the molecule and a polyisocyanate compound to obtain a urethane prepolymer and reacting this prepolymer with a diamine compound in the presence of an inorganic hydrosol in water.