A honeycomb structure having crystal phases of aluminum titanate and mullite, which is obtained by sintering a honeycomb molding made of a mixture comprising titania powder, alumina powder, silica powder and mullite powder, the mixture containing 1-10 parts by mass of silica powder and 5-30 parts by mass of mullite powder per the total amount (100 parts by mass) of the titania powder and the alumina powder, and the mullite powder containing 40-60% by mass of particles having particle sizes of 10-50 gm and 5-30% by mass of particles having particle sizes of 3 gm or less, and its production method.