Polyurethane resin water dispersion being good in storage stability and excellent in initial adhesion and resistance to moist heat, and aqueous polyurethane adhesive employing the polyurethane resin water dispersion. The polyurethane resin water dispersion is produced in the manner that polyisocyanate is allowed to react with polycaprolactone polyol comprising polycaprolactone polyol having a number average molecular weight of not less than 3,000 and active-hydrogen-group-containing compound having anionic group, to synthesize isocyanate terminated prepolymer, first, and, then, the isocyanate terminated prepolymer thus produced is allowed to react with polyamine in water. The use of the polyurethane resin water dispersion can produce the aqueous polyurethane adhesive having improved storage stability, initial adhesion and resistance to moist heat.