To provide a biodegradable aqueous-dispersion-type adhesive composition which exhibits a practically enough adhesive strength not only in the normal state but also in a wet state while retaining an aqueous dispersion state not polluting handling workers and the work environment without detriment to the biodegradability and recyclability and which comprises fine particles of a submicron range and does not exhibit degradation in adhesive force.

This adhesive composition is prepared by compounding 100 pts.wt. (solid basis) aqueous dispersion of a biodegradable polyester resin mainly comprising an aliphatic polyester with at least 1 pt.wt. polyisocyanate compound.