The present invention provides a method of producing an aqueous dispersion. A resin (b) or a solvent solution thereof, or a precursor (b0) of the resin (b) or a solvent solution thereof is dispersed in an aqueous dispersion of resin particles (A) composed of resin (a), and is caused the precursor (b0) to react where the precursor (b0) or a solvent solution thereof is used, to prepare resin particles (B) composed of said resin (b). Thereby, an aqueous dispersion (X1) of resin particles (C) having a structure such that the resin particle (A) adheres to the surface of the resin particle (B) is obtained.