There is provided an aqueous resin composition excellent in settability, flexibility, retort resistance, hygienicity, sprayability and dispersibility in water, and used to coat an internal surface of a can. The aqueous resin composition contains: polyester resin having a specific structure in a molecular chain thereof and/or at a terminal of the molecular chain, the polyester resin having added thereto an opened ring of a compound having a molecule with a carboxylic anhydride group therein, at least no less than 10% by mole of the compound being a compound having a molecule with no less than two carboxylic anhydride groups, the polyester resin having a resin acid value of 150 to 800 eq/106 g and a number-average molecular weight of 5,000 to 100,000; resol-type phenol resin corresponding to a copolymer of a formaldehyde and a phenol compound containing no less than 50% by weight of a phenol compound having no less than three reactive point with formaldehyde, the resol-type phenol resin having no less than one alkoxy methyl group on average per aromatic nucleus; a basic compound; and water, or water and an organic solvent.