Abstract: A water-in-oil emulsion explosive comprising an aqueous solution of inorganic oxidizer, an oil, an emulsifier and hollow microspheres, and having high low-temperature detonability and storage stability can be produced without causing breakage of the hollow microspheres through particular emulsifying and kneading steps, in which emulsifying step the aqueous solution of inorganic oxider, the oil and the emulsifier are fully emulsified into a water-in-oil emulsion in an emulsifying machine having a novel structure, and in which kneading step the resulting water-in-oil emulsion is kneaded together with the hollow microspheres by means of agitating blades, said agitating blades being arranged in the kneader and carrying out concurrent by rotary motion and up and down movements.