A method for producing a fine-particle-dispersed polyol (I) is provided, the method including the steps (1) and (n−1): the step (1) of polymerizing an ethylenically unsaturated monomer (b) in a polyol (a), in the presence of fine particles (P1) and a radical polymerization initiator (c), so as to obtain a fine-particle-dispersed polyol intermediate (B2); and the step (n−1) of polymerizing (b) in a fine-particle-dispersed polyol intermediate (B(n−1)), in the presence of (c), so as to obtain a fine-particle-dispersed polyol intermediate (Bn) or the fine-particle-dispersed polyol (I), where n represents an integer of 3 to 7, wherein (P1) have a volume-average particle diameter (R1) of 0.01 μm to 1.0 μm, and a concentration of (b) in the step (1) is 7 wt % to 40 wt %. Thus, a method for producing a fine-particle-dispersed polyol can be provided that contains polymer fine particles dispersed in a polyol having a small particle diameter, and that, when it is used for forming a polyurethane resin, allows the polyurethane resin to exhibit excellent resin properties.