A coating composition comprising(A) a film-forming binder resin,(B) a volatile organic liquid diluent dissolving the film-forming binder resin (A) and(C) fine particles of a polymer which does not dissolve in a solution of the binder resin (A) in the diluent (B) but are dispersed stably in said solution, andthe fine polymer particles (C) being fine particles of gelled polymer obtained by emulsion polymerization of(a) a polymerizable monomer having at least two radical-polymerizable unsaturated groups in the molecule, and(b) a radical polymerizable unsaturated monomer other than the monomer (a),in the presence of a reactive emulsifier having an allyl group in the molecule.