An object of the present invention is to easily provide an aqueous paint composition which is excellent in the low-temperature curability and can give a coated film that, while retaining a suitable texturability, further combines the water resistance, the marring resistance and the beef tallow staining resistance with good balance. In addition, another object of the present invention is to provide a coated article which is coated with this aqueous paint composition. As a means of achieving these objects, the aqueous paint composition according to the present invention is an aqueous paint composition comprising a water-soluble pure acrylic resin (A) as a binder resin and a polycarbodiimide compound (D) as a crosslinking agent; with the aqueous paint composition being characterized by further comprising acrylic resin beads (E) and urethane resin beads (F), wherein: in terms of solid component, the ratio of the water-soluble pure acrylic resin (A) relative to the binder resin, the ratios of the acrylic resin beads (E) and of the urethane resin beads (F) relative to the total of the binder resin and the crosslinking agent, and the equivalent ratio of the carbodiimide groups of the polycarbodiimide compound (D) relative to the carboxyl groups of the water-soluble pure acrylic resin (A) satisfy their respective specific ranges.