To provide a method of producing metal powder slurry comprising metal powder obtained by a polyol method (referred to as polyol metal powder), in which the flocculation of granular particles is intense, in a dispersed state.

For example, the production method where polyol metal powder is subjected to dispersion treatment by a wet type as is in a slurry state; the polyol metal powder slurry which has been subjected to the dispersion treatment is subjected to solid-liquid separation to recover metal powder; the operation in which the recovered metal powder is cleaned with an organic solvent and is subjected to solid-liquid separation is performed more than once; at the time of the final cleaning, the solid-liquid separation is not performed, and it is made into the state of cleaning liquid-containing metal powder slurry; a new organic solvent is added to the cleaning liquid-containing metal powder slurry; warming is performed while stirring the same; and only the cleaning liquid component is volatilized to make the same into the metal powder slurry is adopted.