A method for producing microballoons consisting of a polyurethane (urea) produced by an interfacial polyaddition reaction method with a W/O emulsion and having excellent dispersibility is provided. Specifically, a method for producing microballoons, characterized by forming a microballoon dispersion liquid consisting of a polyurethane (urea) by an interfacial polyaddition reaction method with a W/O emulsion and then treating the dispersion liquid with a solution containing a monofunctional active hydrogen compound containing only one active hydrogen group selected from an amino group and a hydroxyl group is provided.