A method of producing a dispersion of fine particles of a gelled polymer, which comprises polymerizing a vinyl monomer mixture containing at least two vinyl monomers having complementary functional groups capable of being bonded to each other by reaction each in an amount of at least 0.5% by weight, or a vinyl monomer mixture containing at least 0.5% by weight of a polyvinyl monomer containing at least two polymerizable double bonds in an organic liquid incapable of dissolving the polymer formed from the monomer mixture, in the presence of a macromer having a number average molecular weight of at least 1,000 resulting from introduction of polymerizable double bonds into a self-condensation product of 12-hydroxystearic acid, the number of the polymerizable double bonds being 0.7 to 1.0 per molecule of the self-condensation product on an average.