In the invention, a polyester resin having dicarboxylic acid constitutional units and diol constitutional units wherein 5 to 60 mol % of the diol constitutional units has a cyclic acetal skeleton is produced by a process including an oligomerization step and a polymerization step. In the oligomerization step, an ester having a limited acid value is transesterified with a diol having a cyclic acetal skeleton in the presence of a titanium compound to obtain an oligomer. The oligomer is then polymerized in the subsequent polymerization step to increase the molecular weight.