[Object] To provide an aqueous emulsion which is excellent in mechanical stability and pigment compatibility and further is excellent in film transparency and solvent resistance, and a coating by the use thereof.[Solution Means] The object is achieved by the aqueous emulsion including a polymer having at least one monomer unit selected from the group consisting of a (meth)acrylate ester monomer unit, a styrene monomer unit and a diene monomer unit as a dispersoid, further including a vinyl alcohol polymer (A) having 1.9 mol % or more 1,2-glycol bond and a saponification degree of 70 mol % or more and a surfactant (B) as dispersants, wherein a weight ratio of (A)/(B) is 50/50 to 95/5 and an average particle diameter of dispersed particles is 0.5 μm or less, and the coating by the use thereof.