A production method for water-atomized metal powder includes: in a region in which the average temperature of a molten metal stream is higher than the melting point by 100° C. or more, spraying primary cooling water from a plurality of directions at a convergence angle of 10° to 25°, where the convergence angle is an angle between an impact direction on the molten metal stream of the primary cooling water from one direction and an impact direction on the molten metal stream of the primary cooling water from any other direction; and in a region in which 0.0004 seconds or more have passed after an impact of the primary cooling water and the average temperature of metal powder is the melting point or higher and (the melting point+50° C.) or lower, spraying secondary cooling water on the metal powder under conditions of an impact pressure of 10 MPa or more.