Provided are a coated metal pigment which can satisfy both the coating stability in use as an aqueous coating, i.e., water resistance, and the chemical resistance of coating films produced by application thereof at practically satisfactory levels; a method for producing the same; and an aqueous coating containing the same. The invention relates to a coated metal pigment including a metal pigment and a composite coating layer, wherein the composite coating layer includes an adhesion layer which is disposed on the surface of the metal pigment either in contact with the metal pigment or at an interposition of another layer and contains polysiloxane and/or silica, and a resin layer which is disposed on the surface of the adhesion layer either in contact with the adhesion layer or at an interposition of another layer.