Provided a process for producing a polycarbonate which comprises reacting an aqueous alkali solution of a dihydric phenol with phosgene in the presence of an organic solvent to produce a polycarbonate oligomer and subsequently polycondensing the oligomer, wherein an emulsion solution of a polycarbonate oligomer-containing organic solvent obtained in the polycarbonate oligomer production step is introduced into a coalescer to separate the emulsion solution into a polycarbonate oligomer-containing organic solvent phase and an aqueous phase, and the polycarbonate oligomer-containing organic solvent phase is subjected to polycondensation. Thus the emulsion solution of a polycarbonate oligomer-containing organic solvent obtained in the polycarbonate oligomer production step is efficiently separated to reduce the content of impurity-containing water in the oligomer for producing a polycarbonate having excellent quality and to a obtain wastewater having a low content of organic materials.