Abstract: An aqueous slurry comprising fibrous particles of a heat-resistant aromatic polymer and short fibers made of said polymer or insulating inorganic short fibers, or a mixture thereof, is made into a wet web and, after adjusting the water content to 50 to 95 weight %, said wet web is laid up in a desired number of layers, and then the laminate is dewatered and dried for integration under pressure at a temperature not exceeding the softening point of said aromatic polymer, thereby obtaining an oil-impregnatable insulating board with high strength and capable of uniform impregnation of oil therein.