The present invention provides an aqueous coating composition which is capable of forming a coating film that has excellent cissing resistance and water resistance. An aqueous coating composition which contains (A) at least one hydroxyl group-containing resin that is selected from among (A1) hydroxyl group-containing acrylic resins and (A2) hydroxyl group-containing polyester resins, (B) an oligomer and (C) an alkyl etherified melamine resin, wherein: the oligomer (B) has a number average molecular weight within the range of from 200 to 800 and a solubility parameter within the range of from 10.0 to 13.5; and the molar ratio of methyl groups to butyl groups in the alkyl etherified melamine resin (C), namely (methyl group)/(butyl group) molar ratio is from 50/50 to 0/100.