A spherical silver powder has a good dispersibility and is capable of obtaining a good degree of sintering even if used for forming a paste to be fired at a low temperature of 600° C. or less to form a conductor. An aqueous solution containing a reducing agent is added to a water reaction system containing silver ions, to deposit silver particles by reduction, to produce a spherical silver powder wherein a ratio (Dx/BET) of a crystallite diameter Dx (nm) to a BET specific surface area (m2/g) is in the range of from 5 to 200 and which has a crystallite diameter of not greater than 40 nm, a mean particle size of not greater than 5 μm, a tap density of not less than 2 g/cm3, and a BET specific surface area of not greater than 5 m2/g.