Abstract: A process for producing spherical metal particles comprises the step of spraying a molten metal in a chamber filled with a refrigerant gas through a centrifugal atomizer, wherein the refrigerant gas is a composition comprising nitrogen and oxygen gases or nitrogen gas and air and the concentration of the oxygen ranges from 3 to 600 ppm on the basis of the weight of the composition. The production process of the present invention permits mass-production of fluent, spherical metal particles having a smooth surface, in low cost and excellent in dispersibility in a dispersing medium, which is required when the particles are used as a component for pastes or paint and varnishes, while using a small-sized chamber.