PURPOSE: To prepare a novel slurry composition giving a coating film having higher film properties than the film of powder coating, without necessitating waste water treatment, and useful as a paint, ink, adhesive, etc., by dispersing powder coating in a vinyl oligomer having crosslinkable functional groups.

CONSTITUTION: A thermosetting resin preferably based on an acrylic resin is added with a crosslinking agent, a pigment, a leveling agent, and if necessary, a crosslinking reaction catalyst, etc., and mixed in dry state. The mixture is molten and kneaded with an extruder, cooled, and pulverized to an average particle size of preferably 5W20μ to obtain powder coating. The objective slurry composition is obtained by adding the powder coating to a vinyl oligomer containing crosslinkable functional groups (preferably having a number-average molecular weight of 500W1,500), and dispersing homogeneously with a ball mill, etc. It is preferable to add a curing agent such as hexamethoxymethylmelamine, bisphenol A-glycidyl ether epoxy resin, etc. to the powder coating and/or the oligomer.