A waterborne coating composition comprising fine polymer particles dispersed in an aqueous medium and an inorganic filler, wherein the fine polymer particles comprise (A) 50 to 90% by weight of synthetic rubber polymer particles containing 50 to 90% by weight of a repeating unit derived from a conjugated diolefin monomer and having a glass transition temperature of -20.degree. C. or lower and (B) 10 to 50% by weight of acrylic polymer particles containing 50% by weight or more of a repeating unit derived from an acrylic ester and/or a methacrylic ester and having a glass transition temperature of 0.degree. C. or lower.