The present invention provides an aqueous intermediate coating composition comprising (A) an acrylic emulsion resin having a hydroxy value of 5 to 80 mgKOH/g and an acid value of 1 to 15 mgKOH/g, obtainable by emulsion polymerization of monomer mixture (a) comprising ethyl acrylate, a hydroxy-containing radically polymerizable unsaturated monomer and a carboxy-containing radically polymerizable unsaturated monomer, the ethyl acrylate content of the monomer mixture being 60 wt. % or more; (B) a carboxy-containing resin having a hydroxy value of more than 80 mgKOH/g but not more than 200 mgKOH/g; (C) a curing agent; and (D) a coloring pigment, and having a solids content of 60 wt. % or more. The invention also provides a method for forming a multilayer coating film using said aqueous intermediate coating composition.