A process for producing an aliphatic polyester, comprising: subjecting at least two serial stages of bulk-phase ring-opening polymerization and a solid-phase polymerization step, wherein a cyclic ester held in a dry air atmosphere is supplied to a first reactor to perform a first stage polymerization, thereby obtaining a partially polymerized molten product, and the resultant partially polymerized molten product is supplied to a second reactor held under a dry inert gas atmosphere to perform a second stage polymerization. As a result, the production efficiency can be improved, while maintaining excellent properties of the aliphatic polyester product.