The invention discloses a positive electrode material. The positive electrode material comprises a positive electrode active material and a conductive agent--graphite, wherein the positive electrode active material can be reversibly extracted from and embedded into a first metal ion, and the graphite has a particle size of less than 50 [mu] m and a crystallization degree of no less than 90%. The invention also discloses an aqueous battery. The aqueous battery comprises a positive electrode, a negative electrode and an electrolyte, wherein the positive electrode comprises the positive electrode material. The conductive agent--the graphite of the invention has good stability and corrosion resistance, reduces self discharging rate of the battery and enhances the cycle performance of the battery.