PROBLEM TO BE SOLVED: To provide a blocked isocyanate having a relatively large pot life even when dispersed in water and excellent low-temperature curability and to provide a coating composition using the same.SOLUTION: A polyisocyanate compound, a hydrophilic compound having an active hydrogen group and a blocking agent represented by the following general formula (1) are reacted in a ratio so that the active hydrogen group of the hydrophilic compound is 2 mol or more and 25 mol or less based on 100 mol of the isocyanate group of the polyisocyanate compound.