The present invention provides an active energy ray curable aqueous resin composition prepared by reacting an acrylic resin (A), a polyisocyanate compound (B), and (meth)acrylate (C) having a hydroxyl group and dispersing the reaction product in an aqueous medium, the resin (A) being produced by copolymerizing an acrylic monomer (a1) having a polyoxyalkylene group, an acrylic monomer (a2) having a hydroxyl group, and an acrylic monomer (a3) other than the acrylic monomer (a1) and the acrylic monomer (a2) as essential raw materials. The active energy ray curable aqueous resin composition has excellent storage stability and forms a cured coating film with a good appearance and high adhesion to a substrate even after immersion in hot water, and thus can be desirably used for an active energy ray curable aqueous coating material.