The present invention provides a polytetrafluoroethylene aqueous dispersion containing high-molecular-weight, significantly small polytetrafluoroethylene particles and having excellent dispersion stability. The present invention relates to an aqueous dispersion containing polytetrafluoroethylene particles containing a tetrafluoroethylene unit alone or a tetrafluoroethylene unit and a modifying monomer unit based on a modifying monomer copolymerizable with the tetrafluoroethylene. The polytetrafluoroethylene particles have a volume average particle size of not smaller than 0.1 nm but smaller than 20 nm, a melt flow rate of not lower than 0 g/10 min but lower than 80 g/10 min determined at 380° C. and 5 kg load, a melting point of 324° C. to 360° C., and an initial pyrolysis temperature of not lower than 400° C.