A method of manufacturing an electrolytic capacitor includes preparing a dielectric film formed on a surface of an anode foil, forming a first conductive polymer layer on a surface of the dielectric film by immersing the anode foil in first dispersion solution including conductive polymer particles and forming a second conductive polymer layer covering the first conductive polymer layer solvent by immersing the anode foil in second dispersion solution including second conductive polymer particles and second solvent. The surface of the anode foil has plural pits formed therein. The second dispersion solution has a pH value farther from 7 than the first dispersion solution does. This configuration can suppress damages to the dielectric film.