The invention relates to a process for producing an aliphatic polyester excellent in stability which includes subjecting an aliphatic polyester containing at least 50% of an aliphatic hydroxycarboxylic acid unit, obtainable by solid-phase polymerization under a flowing gas in the presence of a volatile catalyst so as to have a desired weight average molecular weight within the range of 50,000 to 1,000,000, to a heat treatment at a temperature equal to or higher than the reaction temperature of the solid-phase polymerization under a flowing gas with maintaining the aliphatic polyester in a solid state. According to the process of the invention, an aliphatic polyester excellent in stability at molding and storage stability is obtained.