An aqueous resin composition obtained by dissolving 100 parts by mass of acid-modified polyolefin and 5 to 60 parts by mass of surfactant in 15 to 1900 parts by mass of polymerizable monomer, adding water in the presence of basic compound to perform phase inversion emulsification, and polymerizing the monomer; an aqueous resin composition obtained by dissolving 100 parts by mass of acid-modified polyolefin and 5 to 60 parts by mass of surfactant in a first polymerizable monomer, adding water in the presence of basic compound to perform phase inversion emulsification, polymerizing the first monomer to form a resin composition, adding and polymerizing a second polymerizable monomer to the resin composition; the monomers being used in a total amount of 15 to 1900 parts by mass per 100 parts by mass of the acid-modified polyolefin; and paints, inks, adhesives, sealants and primers containing such composition as an active ingredient.