To provide an aqueous resin composition capable of providing a cured coating film excellent in abrasion resistance and chemical resistance, and having high hardness, and to provide an aqueous paint and a product coated by the aqueous paint.

An aqueous resin composition contains a composite resin (A) obtained from an urethane resin (a1) having a hydrophilic group and a vinyl polymer (a2) having a hydroxyl group, and an aqueous medium (B), and the urethane resin (a1) is obtained by reacting polyol (a1-1) mainly containing a compound represented by the general formula (1) and polyisocyanate (a1-2) and an equivalent ratio (NCO/OH) of the isocyanate group (NCO) contained in the polyisocyanate (a1-2) to the hydroxyl group (OH) contained in the polyol (a1-1) is in a range of 1.1 to 1.5. In the general formula (1), X and Y are each independently an alkylene group having 4 to 8 carbon atoms and n is an integer of 2 to 20.