Provided are an aqueous dispersion including a microcapsule that contains a core and a shell; a dispersant that is at least one of a carboxylic acid (A) represented by Formula (A) or a salt of the carboxylic acid (A); and water, a method for manufacturing the aqueous dispersion, and an image forming method using the aqueous dispersion [in Formula (A), L represents a divalent linking group, X represents O, NH, or, NR2, R1 represents a hydrocarbon group having 9 or more carbon atoms, R2 represents a hydrocarbon group having 1 to 20 carbon atoms, and n represents 0 or 1].