Disclosed is an aqueous liquid dispersion of water and oil repellent agent containing surfactants wherein there are contained (I) a homopolymer or copolymer of at least one polymerizable compound having a perfluoroalkyl or perfluoroalkenyl group and an acrylate, methacrylate or alpha-substituted acrylate group, or a copolymer of such a polymerizable compound with another copolymerizable compound which is copolymerizable with such a polymerizable compound, and (II) three nonionic surfactants, namely (a) a nonionic surfactant having an HLB of less than 12, (b) a nonionic surfactant having an HLB of not less than 12 and less than 17, and (c) a nonionic surfactant having an HLB of not less than 17. Such an aqueous liquid dispersion of a water and oil repellent agent containing surfactants is excellent in shelf life stability and dilution stability, and provides high water and oil repellency to an object.