PURPOSE: To produce a urethane-based water-dispersible adhesive compsn. which is excellent in dispersion and mechanical stability and can form a film excellent in adhesive properties and water resistance.

CONSTITUTION: A liq. -phase urethane polymer having ionic or nonionic hydrophilic groups or latent ionic functional groups in the molecule is homogeneously mixed with a tackifier having at least one acid group in the molecule before the polymer is dispersed in water. The acid group of the tackifier mixed with the polymer is neutralized before, during, or after the polymer is dispersed in water.