Abstract: Provided are a process for producing an emulsifier-producing material that is capable of inhibiting variations in particle diameter among hydrophilic nanoparticles and the impairment of emulsifying functions, and a process for producing an emulsifier. The disclosed process for producing an emulsifier-producing material involves: a dispersion step of dispersing, into water, granules comprising conjugates of polycondensation polymer particles that include hydroxyl groups, to thereby prepare a dispersion; and a relaxed-product producing step of producing a relaxed product, in which the higher-order structure of said conjugates has been relaxed, by swelling the granules and cutting hydrogen bonds originating from the granules under reversible conditions. The disclosed process for producing an emulsifier involves a particle separation step of employing said emulsifier-producing material, cutting the hydrogen bonds in the conjugates, and separating the polycondensation polymer particles into water.