To provide a water-based coating composition which forms a coating film excellent in adhesiveness, water resistance and alcohol resistance.

The water-based coating composition is characterized by comprising an emulsion whose mass ratio of a core layer/a shell layer is within the range of 30/50-95/5, wherein the core layer comprises a copolymer of an aromatic vinyl monomer (a-1) unit of 20-80mass%, an alkyl (meth)acrylate (a-2) unit of 20-80mass% having a 1-4C alkyl group and another vinyl monomer (a-3) unit of 0-60mass% and the shell layer comprises a copolymer of an aromatic vinyl monomer (b-1) unit of 20-80mass%, an alkyl (meth)acrylate (b-2) unit of 5-40mass% having a 6-14C alkyl group and another vinyl monomer (b-3) unit of 0-75mass%.