The invention provides an aqueous dispersion which includes i) an aqueous dispersion (I) resulting from dispersion of a block copolymer (I) composed of at least one polymer block (A) containing olefin monomer units and at least one polymer block (B) containing 2 to 100 mole percent of units derived from at least one vinyl monomer having a carboxyl or carboxylic anhydride group and 98 to 0 (zero) mole percent of units derived from another vinyl monomer or monomers copolymerizable with the carboxyl group- or carboxylic anhydride group-containing vinyl monomer, in an aqueous solution of not less than 0.05 equivalent, relative to the carboxyl or carboxylic anhydride group, of a basic substance, and ii) a polyurethane (II), iii) vinyl polymer (III) or iv) tackifier (IV) incorporated in the aqueous dispersion (I). The aqueous dispersion of the invention has excellent adhesiveness to various substrates and stability, and gives a coating layer having excellent weather resistance, water resistance and resistance to solvent attack. The aqueous dispersion of the invention is particularly useful as a coating composition and/or a primer.