An aqueous dispersion of the invention has conductive microparticles and organic particles dispersed in an aqueous medium and can form a conductive layer of a volume resistivity of for example 10 -4 Ω·cm or less by electrodeposition. A circuit board of the invention is equipped in an insulating layer and a conducting layer, which includes conducting through parts that pass through the insulating layer, and is favorably manufactured by the invention's method that includes an electrodeposition using an aqueous dispersion of the invention as a electrodeposition solution and using the conductive foil as one of the electrodes after closing the openings at one end of the through holes formed on the insulating layer by means of a conductive foil. A multilayer wiring board of the invention is equipped in a core wiring substrate, having substrate wiring layers that are mutually connected electrically formed on both surfaces of an insulating substrate, an insulating layer that is laminated onto at least one of the surfaces of the core wiring substrate, a wiring layer that is formed on the insulating layer, and interlayer shorting parts that pass through the insulating layer and electrically connect the wiring layer to the abovementioned substrate wiring layer. These interlayer shorting parts are comprised of conductors formed by electrodeposition using an aqueous dispersion of the invention as an electrodeposition solution. Since the conductive layer or the conductor is formed by electrodeposition, the productivity is good and the connection reliability is high.