A water-dispersible epoxy modified alkyd resin produced by reacting (A) 0-50 parts by weight of oil or oil fatty acid, (B) 10-50 parts by weight of polyhydric alcohol, (C) 0-25 parts by weight of monobasic acid having 6 to 18 carbon atoms, (D) 15-70 parts by weight of polybasic acid having 4 to 10 carbon atoms or its anhydride, (E) 5-25 parts by weight of polyoxyalkylene glycol having a molecular weight of 600 to 20,000, and (F) an epoxy compound, wherein the ratio of the hydroxyl groups to the carboxyl groups in the components (A) through (E) is 0.625-1.8 and the amount of the component (F) is 3-50 parts by weight per 100 parts by weight of the total weight of the components (A) through (E), can provide water-dispersible coatings having improved drying characteristics and water resistance as well as corrosion resistance.