Provided is a process for producing a dispersion liquid of carbon nanotube aggregates in which the carbon nanotube aggregates are dispersed in a dispersion medium, comprising the two steps: (A) a step of adsorbing a dispersant to carbon nanotube aggregates by physical dispersion treatment in a dispersion medium to prepare a carbon nanotube paste with a particle size of 100 nm to 20 μm resulting from partial dissociation of a mass of the carbon nanotube aggregates; and (B) a step of dispersing the carbon nanotube paste by ultrasonic dispersion treatment. A process for producing a dispersion liquid of carbon nanotube aggregates with reduced destruction and breakage of graphite structure of a carbon nanotube aggregate can be provided.