The invention provides a method of producing metal powders which is less likely permit variations in cooling rate, ensures rapid solidification at a great cooling rate and readily gives fine particles, and a production apparatus for the method. The method comprises injecting a cooling liquid into a cooling tubular body (1) along an inner peripheral surface thereof to form a cooling liquid layer (9) moving toward a cooling liquid discharge end of the tubular body (1) while swirling along the inner peripheral surface of the tubular body (1); supplying a molten metal (25) to a space (23) inside the cooling liquid layer (9); applying a gas jet (26) as directed toward the cooling liquid layer (9) to the molten metal (25) to divide the molten metal and supply the divided molten metal to the cooling liquid layer (9); and discharging the cooling liquid containing a metal powder solidified in the liquid layer (9) from the cooling liquid discharge end of the tubular body (1) to outside.