Provided is a metal microparticle dispersion including metal microparticles, a polymeric dispersant and a dispersion medium, wherein an average primary particle diameter of the metal microparticles is 0.001 to 0.5 μm; the polymeric dispersant has a polyester skeleton in at least one of a principal chain and a side chain thereof; or the polymeric dispersant has a polyether skeleton in at least one of a principal chain and a side chain thereof; and a content of the above polymeric dispersant is 0.1 to 100 parts by mass based on a content of 100 parts by mass of the metal microparticles. Further, provided is a production process for an electrically conductive substrate, and an electrically conductive substrate produced by the above production process is provided.