Abstract: Coarsely shredded paper powder is pulverized using a first vertical roller mill equipped with a plurality of first pulverizing rollers 15 to obtain a fine paper powder having an average particle diameter of 50 ?m or greater and less than 150 ?m. Then, such a fine paper powder is further pulverized using a second vertical roller mill equipped with a plurality of second pulverizing rollers 25 to obtain a fine paper powder having an average particle diameter of 25 ?m or greater and less than 50 ?m. Concerning the inclination angle ?1 of grooves 15a, 25a with respect to axes L of rotation of said first and second pulverizing rollers, an angle of inclination ?1 of the first pulverizing rollers 15 is smaller than an angle of inclination ?2 of the second pulverizing rollers 25. Accordingly, the fine paper powder can be produced without incurring a substantial environmental impact.