Abstract: An aqueous dispersion of the invention has conductive microparticles and organic particles dispersed in an aqueous medium and can form a conductive layer of a volume resistivity of for example 10−4 &OHgr;·cm or less by electrodeposition. A circuit board of the invention is equipped in an insulating layer and a conducting layer, which includes conducting through parts that pass through the insulating layer, and is favorably manufactured by the invention s method that includes an electrodeposition using an aqueous dispersion of the invention as a electrodeposition solution and using the conductive foil as one of the electrodes after closing the openings at one end of the through holes formed on the insulating layer by means of a conductive foil.