For the synthesis of water soluble acrylic modified epoxyester resin, fatty acid/epoxy ratio of 50/50 was used, and introduced maleic anhydride. Ratio of styrene/acrylic acid of acrylic monomers was fixed 85/15 and ratio of epoxyester/acrylic monomer was controlled 80/20, 75/25, 70/30, 65/35, and degree of neutralization were changed 65%, 80%, to 100%. As a result, 40% solids acrylic modified epoxyester resins were synthesized. Resins were evaluated water soluble stability, drying time, water resistant, storage stability and physical properties. And the white paints were prepared, and were evaluated viscosity, drying time, water resistance, adhesion, sagging, spray workability, gloss, salt spray resistance, skinning, whiteness and flash rust. As a result, the degree of neutralization of 100% and the ratio of epoxyester/acrylic monomer of 75/25 showed the best properties.