The present invention provides a coating composition and a coating film formation method of the coating composition, which have extremely excellent storage stability and less dependency on the coating environment such as humidity after storage, and have excellent curability. The resulting coating film is excellent in impact resistance, bending resistance, water resistance and chemical resistance. The coating composition comprisses a polyol (A), a polyisocyanate compound (B), a curing catalyst (C), and a carboxylic acid (D) having 8 or more carbon atoms. The polyol (A) contains a polyol (A1) having a structural unit derived from a fatty acid having 8 or more carbon atoms. This component (C) contains a bismuth compound (C1)d. And the content of the component (D) is in the range of 0.1 part by mass to 10 parts by mass based on 100 parts by mass of the solid content of the polyol (A).