Disclosed is a method of producing a powdery coating material by using: a curable polyester resin (A) having a hydroxyl group and/or a carboxyl group at the terminals thereof, and further having a number average molecular weight of from 1,000 to 30,000, a glass transition temperature of from 30 to 100.degree. C.; a curing agent (B) which is solid at normal temperature and is capable of being reacted with the hydroxyl group or the carboxyl group of the curable polyester resin (A); and a solvent (C) having a boiling point under normal pressure of from 50 to 130.degree. C.; and comprising a step of kneading the curable polyester resin (A), the curing agent (B) and the solvent (C) under condition in which at 50 to 130.degree. C., not less than 20% by weight of the curing agent (B) is dissolved in the solvent and, then, vapor-removing the solvent (C) under a reduced pressure.