There is provided a silver powder which has a small average particle diameter and a small thermal shrinkage percentage, and a method for producing the same. While a molten metal of silver heated to a temperature (1292 to 1692° C.), which is higher than the melting point (962° C.) of silver by 330 to 730° C., is allowed to drop, a high-pressure water is sprayed onto the molten metal of silver (preferably at a water pressure of 90 to 160 MPa) to rapidly cool and solidify the molten metal of silver to powderize silver to produce a silver powder which has an average particle diameter of 1 to 6 μm and a shrinkage percentage of not greater than 8% (preferably not greater than 7%) at 500° C., the product of the average particle diameter by the shrinkage percentage at 500° C. being 1 to 11 μm·% (preferably 1.5 to 10.5 μm·%).