Disclosed is a method for producing a metal particle dispersion wherein a metal compound is reduced by using carbodihydrazide represented by the formula (1) below or a polybasic acid polyhydrazide represented by the formula (2) below (wherein R represents an n-valent polybasic acid residue) in a liquid medium. By reducing the metal compound in the presence of a compound having a function preventing discoloration of the metal, there can be obtained a metal particle dispersion having excellent discoloration preventing properties. Metal particles produced by such methods have a uniform particle diameter and are excellent in dispersion stability. By using a conductive resin composition or conductive ink containing a metal particle dispersion obtained by such production methods, there can be formed a conductive coating film, such as a conductive circuit or an electromagnetic layer, having good characteristics.