To provide a water-based coating composition which scarcely increases the viscosity even in a high solid content concentration, has the excellent dispersion stability of a scaly glossy pigment, the good sagging resistance of a coated coating film under high humidity, and can form coating films having excellent metallic touches and smoothness, while the addition of a rheology-adjusting agent such as polymer fine particles has widely been carried out to enhance the solid content concentration of the water-based coating, but causes the increase of the viscosity, whereby it is difficult to obtain an excellent smooth coating film, and further while the scaly glossy pigment does not have sufficient dispersion stability and thereby has various defects such as the sagging of a coating film, when coated under high humidity.

This water-based coating composition is characterized by adding a wax aqueous dispersion to the water-based coating.