A silicone rubber particle-containing aqueous emulsion which comprises polymer particles comprising (A) 0.1 to 45% by weight of a vinyl homopolymer or copolymer and (B) 55 to 99.9% by weight of a silicone rubber, wherein the polymer particles have a number average particle size of 0.008 to 0.1 .mu.m and a variation coefficient in particle size distribution of at most 65%, and the emulsion contains at most 10 parts by weight of an emulsifier per 100 parts by weight of the silicone rubber (B); and a silicone rubber-based graft copolymer particle-containing aqueous emulsion obtained by graft-polymerizing a vinyl monomer in the presence of the polymer particles. These emulsions effectively exhibit the properties of silicone rubber without causing any problem such as coloration owing to an emulsifier since the number average particle size is small and the particle size distribution is narrow and since the amount of the emulsifier contained therein is small, and are useful as impact modifier, softener, fiber treating agent, hair treating agent, slipping agent, water repellent, processing aid for molding materials, flame retardant, coating material and the like.