Abstract: A method that produces heat-expandable microspheres includes the use of a shell of thermoplastic resin and a non-fluorine blowing agent encapsulated therein having a boiling point not higher than the softening point of the thermoplastic resin. The method includes a step of dispersing an oily mixture containing a polymerizable component, the blowing agent, and a polymerization initiator containing a peroxydicarbonate in an aqueous dispersing medium to polymerize the polymerizable component contained in the oily mixture. The resultant heat-expandable microspheres have a shell which is less apt to become thinner than its theoretical value, contain minimum amount of resin particle inside their shell, and have excellent heat-expanding performance.