The present invention provides a process for producing a conjugate fiber that is excellent in strength, stretch elasticity, and transparency. The process includes a step (1) in which an elastomer resin (A) having stretching elasticity and an elastomer resin (B) having stretch elasticity, a permanent elongation of 25-70%, and a tensile elongation of 100-800% are separately melted and subjected to conjugate spinning using a conjugate spinneret having two nozzles so that the elastomer resin (A) forms a core and the elastomer resin (B) form a sheath; a step (2) in which the fiber obtained by composite spinning in the step (1) is heat-treated; and a step (3) in which the fiber heat-treated in the step (2) is stretched.