The present invention provides a process that is useful in producing ferronickel having a high Ni content at low cost with high efficiency and reproducibility even if a low-grade feedstock containing nickel oxide is used. In particular, a feedstock containing nickel oxide and iron oxide is mixed with a carbonaceous reductant, the mixture is formed into agglomerates with an agglomerator, and the agglomerates are heated and reduced in a moving hearth furnace, whereby reduced agglomerates in which the Ni metallization degree is 40% or more and the Fe metallization degree is at least 15% less than the Ni metallization degree are prepared by adjusting the retention time of the agglomerates placed in the moving hearth furnace. The reduced agglomerates, in which the Ni component has been primarily reduced as compared with the Fe component, are smelted in a smelting furnace, whereby ferronickel having a high Ni content is obtained.