A water-dispersed powder slurry coating comprises: (A) a particulate comprising (a1) a resin having an active hydrogen; (B) a reactive surfactant having an optionally blocked isocyanate group and/or an epoxy group; and an aqueous medium in which the particulate and the reactive surfactant are contained. The powder slurry coating can provide a film excellent in water resistance and strength. The powder slurry coating can be baked at a lower temperature and provide a film excellent in resistance to acid rain.