An investigation was undertaken to develop a new class of water-borne polyesters that have various viscosity and various rheological profiles. We discussed the effect of the grafting condition on the molecular weights of the acrylic segments in the acrylic-grafted polyester. The molecular weights of the acrylic segments could be changed by an initiator concentration, a chain transfer agent concentration, and a monomer concentration. We discussed the viscosity and the rheology of the dispersions obtained from the above-grafted polyesters. The viscosity of the dispersion decreased as the molecular weights of the acrylic segments decreased. It was considered that the interaction between the particles of the dispersions decreased with a decrease in the thickness of the shell layer. The viscosity of the dispersions also decreased as the solubility of the acrylic segments in water decreased. It was considered that the interaction between the particle of dispersion decreased with the shrinkage of the shell layer. The rheological profile of dispersion was changed not by the molecular weights but the composition of the acrylic segments. The dispersions having various rheological profiles could be obtained by the control of the molecular weights or the composition of the acrylic segments in the grafted polyesters.