To provide a method for producing an ethylenic unsaturated group- containing graft copolymer having no discoloration and excellent compatibility with other polymers.

In this method for producing an ethylenic unsaturated group- containing graft copolymer by a reaction between a graft copolymer composed of an epoxy group-containing trunk polymer and a branch polymer based on a hydrophobic macropolymer and an ethylenic unsaturated group-containing monocarboxylic acid, a part or the whole amount of a reaction solvent is an alcohol or a ketone.