To provide a polytetrafluoroethylene (PTFE) aqueous dispersion, which does not substantially contain ammonium perfluorooctanoate and is excellent in mechanical stability, wettability, permeability and coating property, and its product.A PTFE aqueous dispersion comprising from 15 to 70 mass % of PTFE fine particles having an average particle size of from 0.1 to 0.5 .mu.m, from 1.times.10.sup.-5 to 0.5 mass %, based on the mass of the PTFE, of a fluorinated emulsifier of the formula (1): XCF.sub.2CF.sub.2(O).sub.mCF.sub.2CF.sub.2OCF.sub.2COOA, wherein X is a hydrogen atom or a fluorine atom, A is a hydrogen atom, an alkali metal or NH.sub.4 and m is an integer of 0 or 1, and from 1 to 20 mass %, based on the mass of the PTFE, of a nonionic surfactant.