To provide a process for producing an anionic water-dispersible coating composition characterized by forming coating films excellent in adhesive properties and water resistance, the process being not required to distill out the solvent, and a topcoat for coatings in which the composition is used.

This process for producing an anionic water-dispersible coating composition comprises polymerizing 5-30 wt.% of an ethylenically unsaturated monomer (b) and 5-20 wt.% of a hydrophilic ethylenically unsaturated monomer (c) containing a carboxylated ethylenically unsaturated monomer (y) in 5-30 wt.% of a water-soluble solvent (a) to obtain a solution of a resin (p), after neutralization and phase conversion of the solution of the resin (p), adding 0.1-3 wt.% of an epoxylated ethylenically unsaturated monomer (d) to the resin (p) to synthesize an aqueous dispersant (e), and emulsion-polymerizing, in water, a monomer mixture containing 5-40 wt.% of the resultant aqueous dispersant (e), 7-84.8 wt.% of an ethylenically unsaturated monomer (f) and 0-10 wt.% of a hydrophilic ethylenically unsaturated monomer (g) that is copolymerizable with the monomer (f), (wherein the proportions of (a), (b), (c) and (d) show each wt.% to (e), while the proportions of (e), (f) and (g) denote each wt.% to the anionic water-dispersible coating composition).