An aqueous coating composition which has a low content of an organic solvent, whereby a burden on an environment is small; in which an increase of the molecular weight, gelation, etc. are suppressed; which performs excellent storage stability and provides a coating film having good water permeability/water which composition is obtained by dispersing a fluorocopolymer (A) obtained by solution polymerization in an aqueous medium, and which comprises a repeating unit (1) of fluoroolefin, a repeating unit (2) of a vinyl or allyl monomer, a repeating unit (3) of a vinyl or allyl monomer having a hydroxyl group bonded thereto, and a unit (4) of a vinyl or allyl monomer having a carboxylate group bonded thereto, and which comprises a fluorocopolymer (A) wherein a proportion of the repeating unit (4) is from 0.4 mol % to less than 4 mol % based on the total repeating units, and an aqueous medium, wherein an amount of an organic solvent contained in the composition is from 0 to 1 mass %.