To provide an aqueous coating composition which has a high storage stability and which is capable of forming a coating film excellent in gloss, adhesion and water resistance; a process for its production; and a process for forming a coating film by using the aqueous coating composition.An aqueous coating composition comprising a fluoro-olefin copolymer, a pigment, a copolymer (1) (an A-B type block copolymer which is a copolymer having no fluorine atoms or ionic groups and which comprises hydrophilic blocks (A) having repeating units (a) having a polyoxyethylene chain in the side chain, and hydrophobic blocks (B) having repeating units (b) having a hydrocarbon chain in the side chain) and an aqueous medium.