A challenge of the present invention is to provide a water-based coating composition capable of providing a design superior in depth feeling in the formation of a multilayer coating film having a so-called color clear coating film. The present invention relates to a water-based coating composition comprising a coating film-forming resin (i) and a coloring pigment dispersion (ii), wherein the coating film-forming resin (i) comprises: an acrylic resin emulsion (A) having an average particle diameter of 100 nm or less in an amount of 10 to 60% by mass in terms of the resin solid content of the coating film-forming resin (i), a water-soluble acrylic resin (B) in an amount of 5 to 40% by mass in terms of the resin solid content of the coating film-forming resin (i), and a melamine resin (C) in an amount of 20 to 40% by mass in terms of the resin solid content of the coating film-forming resin (i); and the coloring pigment dispersion (ii) comprises a coloring pigment (D) having a 90%-volume particle diameter (D90) of 100 nm or less.