To provide a water and oil repellent aqueous composition which is excellent in water and oil repellency, which is less likely to cause an ending phenomenon, which is excellent in stability of a processing bath, which is excellent in storage stability of the composition and which is excellent in foam suppression properties. A water and oil repellent aqueous composition comprising a fluorinated water and oil repellent (A), an emulsified product (B) comprising a paraffin wax (such as a paraffin wax having a melting point of from 50 to 70° C. and a penetration hardness at 25° C. of at most 20) and a carboxyl group-containing polyethylene (such as a carboxyl group-containing polyethylene having a melting point of from 90 to 135° C. and an acid value of from 10 to 30 mgKOH/g), and an organic acid (C).