The present invention relates to a method for producing a polymer polyol (Ia), the method comprising: a first step of polymerizing a monomer-containing mixture liquid (A1) comprising a polyol (a), an ethylenically unsaturated monomer (d), a radical polymerization initiator (k), and a dispersant (e), thereby obtaining a polymer polyol intermediate (B1); and a second step of polymerizing a monomer-containing mixture liquid (A2) comprising a polyol (a), an ethylenically unsaturated monomer (d), a radical polymerization initiator (k), a dispersant (e), and a base polymer polyol (h1) that is the intermediate (B1), wherein each concentration of the ethylenically unsaturated monomer (d) in the monomer-containing mixture liquids (A1) and (A2) before the initiation of polymerization in each step is 7 mass% to 25 mass%, a polymer content in the base polymer polyol (h1) is 7 mass% to 25 mass%, a conversion ratio of the ethylenically unsaturated monomer (d) to a polymer in each step is not less than 80 mass%, a conversion rate of the ethylenically unsaturated monomer (d) into a polymer from initiation of the polymerization until the conversion ratio becomes 80 mass% is not less than 8 mass%/min, and a polymer content in a polymer polyol (Ia) obtained finally is 30 mass% to 45 mass%.