A water-based chipping-resistant paint which comprises 30 to 65 weight percent of solid matter and 0.1 to 10 weight percent of low-temperature volatility solvent as a water-based dispersion substance and wherein the solid matter contains 15 to 75 weight percent of film-formable resin, 0.2 to 25 weight percent of thermoexpandable microspheres, and 20 to 80 weight percent of chipping-resistant material, facilitates vaporization of water at the time of film formation owing to mixing of the low-temperature volatility solvent, can prevent cracking and blistering of a film due to water remaining in the film and vaporization of water remaining after the film formation, and readily form a thick film owing to an expansion effect of the thermoexpandable microspheres at the stage of baking after coating, and therefore is suitable for a chipping resistant underbody coating for automobiles.