This invention provides an aqueous emulsion, which comprises a polyvinyl alcohol-based resin, as the dispersant, and a polymer comprising a structural unit derived from an ethylenically unsaturated monomer, as the dispersoid, from which a film having excellent transparency can be obtained, and which is excellent in mechanical stability, chemical stability, freezing stability and storage stability, and a method for producing the same, and relates to an aqueous emulsion which has an average particle size of the dispersoid of from 100 to 450 μm and an apparent grafting efficiency of the polyvinyl alcohol-based resin of from 65 to 75% based on the dispersoid, and a method for producing the same.