The present invention aims to provide a paste containing polytetrafluoroethylene which can be formed into a molded polytetrafluoroethylene article having a significantly small thickness of polytetrafluoroethylene and is less likely to cause defects in molding; and a method of producing the paste. The present invention provides a method of producing a paste, including the steps of coagulating primary particles of polytetrafluoroethylene in an aqueous dispersion that contains the primary particles and water to form slurry that contains secondary particles of polytetrafluoroethylene and water or secondary particles of polytetrafluoroethylene floating in water; and adding an organic solvent to at least one of the slurry and the secondary particles of polytetrafluoroethylene floating in water to provide the paste.