Provided are a metal microparticle dispersion which is excellent in a dispersibility, an electrically conductive substrate which is obtained by using the above metal microparticle dispersion and which is excellent in an electrical conductivity and a production process for the same.Provided is a metal microparticle dispersion comprising metal microparticles, a polymeric dispersant and a dispersion medium, wherein an average primary particle diameter of the metal microparticles is 0.001 to 0.5 μm; the polymeric dispersant has a polyester skeleton in at least one of a principal chain and a side chain thereof; the above polyester skeleton has at least one of a constitutional unit derived from valerolactone and a constitutional unit derived from caprolactone, and a sum of the numbers of the above constitutional units is 10 or more in terms of an average value, or the polymeric dispersant has a polyether skeleton in at least one of a principal chain and a side chain thereof; and a content of the above polymeric dispersant is 0.1 to 100 parts by mass based on a content of 100 parts by mass of the metal microparticles. Further, provided is a production process for an electrically conductive substrate, comprising printing a coating solution containing the above metal microparticle dispersion in a pattern-like form to form a printed layer and subjecting the above printed layer to burning treatment to form a pattern-like metal microparticle sintered film, and an electrically conductive substrate produced by the above production process is provided as well.