A coating fluid for photosensitive-layer formation having high productivity and stability and a process thereof are provided. Also provided are a high-performance electrophotographic photoreceptor and an image-forming apparatus which are capable of forming high-quality images even in various use environments and are less apt to cause image defects such as black spots or color spots. The objects are accomplished with a process for producing a coating fluid which is for forming a photosensitive layer of an electrophotographic photoreceptor and comprises a charge-generating material and a binder resin, wherein a dispersing medium having an average particle diameter in the range of from 1.0 μm to 350 μm is used as a dispersing medium for dispersing the charge-generating material in the coating fluid for photosensitive-layer formation. The coating fluid for photosensitive-layer formation produced by this process is preferable as a photosensitive layer of an electrophotographic photoreceptor. The charge-generating material preferably comprises a phthalocyanine pigment and the phthalocyanine pigment in the coating fluid preferably has a 50% cumulative particle diameter (D50) of 0.13 μm or smaller as determined by a dynamic light scattering method.