A method of producing ultra-fine metal particles of the present invention includes: blowing metal powders of raw materials into reducing flame formed by a burner 3 in a furnace 5, wherein the metal powders are melted in the flame and allowed to be in an evaporated state, to thereby obtain the spherical ultra-fine metal particles. In the present invention, the atmosphere in the furnace 5 is preferably prepared such that the CO/CO2 ratio is within a range from 0.15 to 1.2. Also, a spiral flow-forming gas is preferably blown into the furnace 5, and the oxygen ratio of the burner 3 is preferably within a range from 0.4 to 0.8. As raw materials, a metal oxide and/or a metal hydroxide which contain the same metal as the metal powders may be used together with the metal powders.