The present invention discloses an aqueous pharmaceutical composition containing a protein in which serum albumin and growth hormone are linked. The aqueous pharmaceutical composition contains, as an active ingredient, a fusion protein of human serum albumin and human growth hormone; the concentration of the fusion protein is 10-100 mg/mL; the concentration of sucrose is 10-150 mg/mL; the concentration of a nonionic surfactant is 0.15-10 mg/mL; the concentration of a preservative is 0.5-12 mg/mL; the concentration of a buffer is 1-30 mM; and the pH is 5.0-8.0.