To obtain an adhesive reduced in a residual monomer odor and in agglomerates formed during polymerization and capable of forming a laminate excellent in gloss and water resistance.

The subject water-based adhesive composition comprises a polymer emulsion (F) prepared by dropwise adding the remainder of the following monomer emulsion (A) and a mercaptopropionic ester (E) to a reactor charged with a part of the monomer emulsion (A) containing a radically polymerizable monomer essentially consisting of a monomer (a1) having an ethylenic double bond and a polymerizable carbonyl group in the molecule, (meth)acrylamide or maleamide (a2), and so on, an emulsifier (a7), and an aqueous medium (a8), a polymerization initiator (B) in a specified amount based on the monomers, an emulsifier (C), and an aqueous medium (D) while emulsion-polymerizing the resulting reaction mixture and a compound (G) having at least two hydrazino groups.