The present invention is an aqueous coating composition having excellent freeze-thaw stability and a low-VOC content. The aqueous coating composition of the invention includes at least one latex polymer derived from at least one monomer and at least one polymerizable alkoxylated surfactant, at least one pigment, and water. In accordance with the invention, less than 3.0% by weight of anti-freeze agents based on the total weight of the aqueous coating composition are used in the composition. The present invention also includes a method of preparing an aqueous coating composition such as a latex paint including the above components.