A latex of a highly saturated nitrile rubber wherein the highly saturated nitrile rubber contains α,β-ethylenically unsaturated nitrile monomer units in a ratio of 10 to 60 wt %, has an iodine value of 120 or less, and has a weight average molecular weight of solubles in chloroform of 100,000 or less, and when removing volatiles contained in the latex and making a film of the highly saturated nitrile rubber, a loss tangent tan δ(50° C.) at 50° C. of the film is 0.3 to 0.6 and a complex torque S* at the time of 100% shear strain at 100° C. of the film is 20 dNm or less, and an adhesive composition containing the latex are provided.