Provided is a water dispersible polyolefin resin composition which is capable of forming a coating film having a smooth solidified surface when applied onto a substrate and which has excellent storage stability. The water dispersible polyolefin resin composition contains (C) a surfactant, (D) a water-soluble polymeric compound and (E) a water-insoluble organic solvent in amounts of 0.01 to 1.00 part by mass, 0.01 to 1.00 part by mass and 2 to 200 parts by mass, respectively, per 100 parts by mass of a combination of 5 to 70% by mass of (A) a poly(1-butene) resin having (i) a mesopentad fraction [mmmm] of 20 to 80 mole % and (ii) a weight average molecular weight (Mw) measured by gel permeation chromatography (GPC) of 10,000 to 1,000,000 or 5 to 70% by mass of (A') polypropylene resin having (i) a mesopentad fraction [mmmm] of 20 to 60 mole % and (ii) an intrinsic viscosity [.eta.] measured at 135.degree. C. in tetralin of 0.1 to 15 dl/g with 95 to 30% by mass of (B) water.