The purpose of the invention is to obtain a water-dispersible adhesive composition capable of coating in an aqueous system and, particularly, an adhesive composition capable of preparing a removable water-dispersible acrylic adhesive sheet with less contamination to the surface of an adherend and having high resistance to water intrusion during wafer polishing, which is particularly suitable as an adhesive sheet for use in semiconductor wafer processing. The invention relates to a water-dispersible acrylic adhesive composition, which includes an acryl emulsion polymer obtainable by an emulsion polymerization of a monomer mixture containing an alkyl (meth)acrylate ester; and a crosslinker which is a carbodiimide crosslinker or a hydrazine crosslinker, in which the acryl emulsion polymer has a glass transition temperature of from -80 to -20.degree. C.