Abstract: A liquid adhesive composition, which is an aqueous emulsion of an atactic polypropylene, is provided. The aqueous emulsion is prepared by kneading a mixture of (a) a substantially atactic polypropylene of approximately 3,000 to 30,000 average molecular weight, (b) 0.03 to 0.5 part by weight, based on 1 part by weight of said polypropylene, of a polyvinyl alcohol with a saponification degree of at least 70% and (c) approximately 0.05 to 2.0 parts by weight of water based on 1 part by weight of the polyvinyl alcohol, and then, dispersing the kneaded mixture in water. The aqueous emulsion may further contain asphalt in an amount of 0.5 to 2.0 parts by weight based on 1 part by weight of the polypropylene. The aqueous emulsion is of improved stability, and the dried film obtained therefrom exhibits good adhesion and water resistance.