A process for producing a thermosetting coating resin having a crosslinkable functional group in the molecule and having a weight-average molecular weight of 5,000-30,000, which process comprises subjecting polymerizable components (c) to radical copolymerization by using 5-10 mole %, based on the total moles of the polymerizable components (c), of a radical polymerization initiator, said polymerizable components (c) consisting of 65-95% by weight of (a) a macromolecular monomer having a radical-polymerizable group at one end in the molecule and having a weight-average molecular weight of 1,000-10,000 and 35-5% by weight of (b) another radical-polymerizable monomer.