The purpose of the present invention is to provide a method of producing pancreatic hormone-producing cells that have a form more similar to that of normally developed pancreatic cells from stem cells. The method of producing pancreatic hormone-producing cells is characterized by subjecting stem cells to the following steps (1)-(6): (1) a step for culturing stem cells in a culture medium that includes a Rho kinase inhibitor； (2) a step for culturing the cells obtained in step (1) in a culture medium including a GSK3 inhibitor； (3) a step for culturing the cells obtained in step (2) in a culture medium including a GSK3 inhibitor and an agent that activates activin receptor-like kinases 4 and 7； (4) a step for forming a cell aggregate of the cells obtained in step (3) and culturing said cell aggregate in a floating state within a culture medium； (5) a step for culturing the cells obtained in step (4) in a culture medium including a retinoic acid receptor agonist, an AMP-activated protein kinase and/or an activin receptor-like kinase 2, 3 and 6 inhibitor, an activin receptor-like kinase 4, 5 and 7 inhibitor and a cell growth factor； and (6) a step for culturing the cells obtained in step (5) in a culture medium.
