A process for producing an .alpha.-olefin oligomer, which comprises carrying out an oligomerization of an .alpha.-olefin in an oligomerization reactor in the presence of a reaction solvent by using a chromium-based catalyst system comprising at least (a) a chromium compound, (b) at least one nitrogen-containing compound selected from the group consisting of amines, amides and imides, and (c) an alkylaluminum compound, supplying the resulting reaction solution to a degassing tower to recover the unreacted portion of the .alpha.-olefin, supplying the reaction solution from the degassing tower to a product distillation tower, and recovering the produced .alpha.-olefin oligomer as a distillate while concentrating the by-product polymer and the catalyst components and recovering the obtained concentrate as bottoms, wherein the by-product polymer and the catalyst components are maintained in a dispersed state in the reaction solution in the process line from the outlet of the oligomerization reactor to the inlet of the product distillation tower.