To provide an aqueous coating composition in which a coating film obtained by coating the composition is excellent in the metallic feel and the generation of hydrogen gas by the reaction of an aluminum pigment with water is suppressed during storage of the composition.

The aqueous coating composition comprises one or more rust preventive pigments (A) selected from among a phosphate-based rust preventive pigment which is a compound of phosphoric acid and one or more elements, a phosphite-based rust preventive pigment which is a compound of phosphorous acid and one or more elements, and a condensed phosphate-based rust preventive pigment which is a compound of a condensed phosphoric acid and one or more elements; a scaly aluminum pigment; and a resin composition, wherein the one or more elements are selected from the group consisting of zinc, calcium, aluminum, titanium, silicon, magnesium, manganese, strontium, barium, iron, zirconium, and cerium.