A two-component polyurethane composition comprising (A) an aqueous dispersion comprising an emulsion polymer and from 2% to 20% of an alcohol alkoxylate of formula (I), by weight based on the weight of the emulsion polymer, and (B) a polyisocyanate; the two-component polyurethane composition can provide coatings with a high distinctness of image.

Provided is an aqueous coating composition that can exhibit high coating film performance even when cured at a relatively low temperature. The present invention pertains to an aqueous coating composition comprising (A) a hydroxyl group-containing resin and (B) a blocked polyisocyanate compound. The weight average molecular weight of the blocked polyisocyanate compound (B) is in a range of 20,000-200,000.