A water based intercoat coating composition containing (A) a polyester resin comprising, as essential components, an alicyclic polybasic acid (a.sub.1) and/or an alicyclic polyhydric alcohol (a.sub.2), other polybasic acid (a.sub.3) and other polyhydric alcohol (a.sub.4), (B) a crosslinking agent, and (C) a water based urethane resin emulsion.