A method of production of metal oxide-bearing green pellets for a rotary hearth reducing furnace characterized by pelletizing a feed powder containing a metal oxide-bearing powder and a carbon-bearing powder, wherein, when producing the green pellets, three or more types of feed powder, including at least two types of iron containing feed powder, are placed in separate storage bins, the mixing ratio of the mixture of feed powders is determined so that the mixture of said feed powders includes 20 to 80 wt % of powder particles of not more than 10 μm size, and said feed powders are fed out from said bins, and the mixture of said feed powders is pelletized into green pellets having a porosity of not more than 0.32 using a pan type pelletizer, and then the green pellets are dried in a dryer at a temperature of not higher than 250° C., and then, immediately after drying, feeding the green pellets into the rotary hearth furnace.