Provided is an aqueous emulsion containing a dispersant and a dispersoid, wherein said aqueous emulsion contains a modified polyvinyl alcohol (A) and a compound (B) as the dispersant and a polymer (E) comprising an ethylenically unsaturated monomer unit as the dispersoid, the modified polyvinyl alcohol (A) has 0.001-2 mol% of double bonds on a side chain thereof, the compound (B) is one or more substances selected from the group consisting of a compound having a conjugated double bond and two or more hydroxyl groups bonded to the conjugated double bond, a salt thereof, an oxide (B1) thereof, an alkoxyphenol (B2), and an annular nitroxyl radical (B3), and the content of the dispersant relative to 100 parts by mass of the polymer (E) is 1-20 parts by mass. An adhesive in which the aqueous emulsion is used has excellent water resistance, heat resistance, and bonding strength. Such an adhesive also has excellent coating properties and storage stability.