[PROBLEMS] To provide an aqueous emulsion having excellent mechanical stability, pigment compatibility and, when formed into a film, capable of providing excellent film transparency and solvent resistance; and a coating prepared using the aqueous emulsion. [MEANS FOR SOLVING PROBLEMS] An aqueous emulsion comprising: a polymer comprising at least one monomer unit selected from the group consisting of a (meth)acrylate ester monomer unit, a styrene monomer unit and a diene monomer unit as a dispersoid; and (A) a vinyl alcohol polymer having 1.9 mol% or more of a 1,2-glycol bond and a saponification degree of 70 mol% or higher and (B) a surfactant as dispersants, the ratio of (A)/(B) being 50/50 to 95/5 by weight and the average particle diameter of the particles dispersed in the emulsion being 0.5 μm or smaller. A coating prepared using the aqueous emulsion.