To provide an adhesive composition which is easily transported and stored, is remarkably excellent in redispersibility in water at a site where it is used and exhibits high performance as an adhesive agent or a coating agent. The above problem is solved by an adhesive composition composed of a synthetic resin powder (A) obtained by drying an aqueous emulsion (EM) containing a polyvinyl alcohol polymer (PVA-1) as a dispersant and a polymer having at least one monomer unit selected from the group consisting of ethylenically unsaturated monomers and diene monomers as a dispersoid, an inorganic powder (B) and a polyvalent isocyanate compound, wherein (A)/(B) is to 100/250.