The present invention provides an aqueous coating composition that can form a coated film having excellent appearance, in which a change in the color of the coating composition during the storage of the coating composition is prevented or suppressed, excellent storage stability is provided, and the generation of popping is prevented or suppressed; and a method for forming a coated film. The aqueous coating composition contains (A1) a film-forming aqueous resin, (B) a dioxazine pigment, (C) a hydrophobic solvent and (D) a resin having an aromatic ring with a nitro group bonded thereto, and a method for forming a coated film using the composition.