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There is provided a method of producing a rare earth salt of a dialkyl phosphate or a rare earth salt of dioleyl phosphate of a high purity useful as a polymerization catalyst of a conjugated diene compound by directly reacting a rare earth oxide or a rare earth hydroxide with a dialkyl phosphate or dioleyl phosphate of a high purity. In the invention, the rare earth oxide or rare earth hydroxide is reacted with the dialkyl phosphate or dioleyl phosphate of a high purity in a non-polar solvent in the presence of at least one compound selected from a halogenated hydroacid, phosphorous acid and a rare earth halide made from the same element as in an objective product as a catalyst.