An aqueous coating composition containing an acrylic-modified polyester resin (A) and a reactive-group-containing resin (B), the acrylic-modified polyester resin (A) comprising as a monomer component constituting the acrylic part, a polyoxyalkylene group-containing unsaturated monomer having a weight average molecular weight of 400 or more, and the proportion of compounds having 6 or more carbon atoms of the total amount of the polyester-constituting components being 50 mass % or more.