A process for producing metal granules from a molten metal or molten alloy in a refractory vessel by dropping small globules of the melt into a coolant through a small-diameter nozzle provided at the bottom of said refractory vessel is disclosed. The nozzle has one or more vertical holes of an inside diameter of 0.3 to 3.0 mm; the globules of the melt emerging from said nozzle are dropped into a two-layered cooling medium composed of an overlying oil layer having a viscosity grade of 10-680 according to the ISO VG and underlying water layer; said globules are solidified and cooled as they pass through said cooling medium. Spherical metal particles having a uniform size can be produced efficiently in a high yield.