The present invention provides aqueous dispersion slurry of inorganic particles which is so stable as not to increase in viscosity, gel or sediment even if stored for a long time and therefore can be used as raw materials for, for example, cosmetics, paint, coating materials and lapping slurry for semiconductor wafers, and production method of such aqueous dispersion slurry. The aqueous dispersion slurry according to the present invention has the number of particles whose a particle diameter of 1.3 .mu.m or more is 180,000 or less per mL in terms of 30 wt % in concentration, and the average particle diameter thereof is in a range of 0.05-0.9 .mu.m. The number of particles having aparticle diameter of 1.3 .mu.m or more is counted by using Particle Sensor KS-60, which is a light extinction type sensor for detecting particles, and Particle Counter KL-11, which is a particle counter, both of which made by the same manufacturer, Rion Electro Corp. The average particle diameter is measured by using Laser Particle Analyzer System Par-III made by Otsuka Denshi Co., Ltd.