A process for producing a polyacetal copolymer, which is extremely heat-stable and is extremely reduced in the quantity of unstable terminals even in a high polymerization yield in which trioxane as the principal monomer, comprises copolymerization of trioxane as the principal monomer with a cyclic ether or cyclic formal having at least one carbon-to-carbon bond as the comonomer by using a specific heteropoly-acid or acid salt thereof as a polymerization catalyst until the content of the remaining monomers is lowered to at most 10% by weight based on all the monomers fed, adding 0.01 to 10% by weight, based on the resulting crude polymer, of a solution containing a catalyst deactivator, or contacting a basic gas as the deactivator to deactivate the catalyst, and subjecting the crude polymer as such to heat melting treatment without washing thereof.