Processability of a paint film is improved and a water-soluble paint in which coloring during heating to a high temperature is minimized and which has excellent productivity and a coated can having a paint film of such a water-soluble paint are provided. A water-soluble paint including a polymer emulsion (C) and a phenolic resin (D) is provided; wherein the polymer emulsion (C) includes a shell part containing an acrylic polymer (A) having a carboxyl group and a core part containing an acrylic polymer (B) having an amide group, wherein the phenolic resin (D) includes a bifunctional phenolic resin (D2) based on a bifunctional phenol and a trifunctional phenolic resin (D3) based on a trifunctional phenol, and a mass ratio ((D2)/(D3)) between the bifunctional phenolic resin (D2) and the trifunctional phenolic resin (D3) is 95/5 to 40/60.