A theory of gravitational production of light scalar particles during and a
fter inflation is investigated. We show that in the most interesting cases
where long-wavelength fluctuations of light scalar fields can be generated
during inflation, these fluctuations rather than quantum fluctuations produ
ced after inflation give the dominant contribution to particle production.
In such cases a simple analytical theory of particle production can be deve
loped. Application of our results to the theory of quantum creation of modu
li fields demonstrates that if the moduli mass is smaller than the Hubble c
onstant then these fields are copiously produced during inflation. This giv
es rise to the cosmological moduli problem even if there is no homogeneous
component of the classical moduli field in the universe. To avoid this vers
ion of the moduli problem it is necessary for the Hubble constant H during
the last stages of inflation and/or the reheating temperature T-R after inf
lation to be extremely small.