The present invention addresses the problem of providing an aqueous paint composition that has a relatively high solid content ratio and that is capable of forming a coating film having excellent brilliance. The present invention provides an aqueous paint composition that contains (A) a water-dispersible hydroxy-containing acrylic resin, (B) a flake-effect pigment, and (C) a water-dispersible cellulose-based rheology control agent, wherein the content of the flake-effect pigment (B) is within a range of 1 to 50 parts by mass based on 100 parts by mass of the resin solids content in the aqueous paint composition, and the aqueous paint composition has a solids content of more than 10 mass % and 35 mass % or less.