Disclosed is an aqueous bonding composition comprising: (A) a saccharide; (B) a phosphate; and (C) at least one neutralizing agent selected from ammonia and an amine compound having at least one hydroxyl group. The aqueous bonding composition is excellent in balance among bending strength, bending strength under wet condition, water-absorption thickness expansion coefficient and peeling strength and scarcely causes metal to rust. The aqueous bonding composition can be usefully used to produce a wood-based material.