This invention provides a process for producing an epoxy resin composition having core/shell rubber particles (rubber-like polymer particles) dispersed in an epoxy resin, wherein an epoxy resin composition excellent in the dispersed state of rubber-like polymer particles in an epoxy resin with a reduced amount of contaminants is produced easily and efficiently.The epoxy resin composition having rubber-like polymer particles dispersed well in an epoxy resin with less contaminant is obtained by bringing an aqueous latex of rubber-like polymer particles (B) into contact with an organic medium (C) showing partial solubility in water, then bringing an organic medium (D) having lower partial solubility in water than that of the organic medium (C) into contact therewith to separate water substantially, to remove the rubber-like polymer particles as a dispersion (F) having the polymer particles dispersed in the organic medium, and mixing it with an epoxy resin (A), followed by distilling volatile components away.