A toner binder for dry toners which comprises a polyester; and a process for producing the toner binder. A known conventional technique for imparting low-temperature fixing property and anti-hot offset property to a toner binder is to use a mixture of two powdery polyesters. However, when the two polyesters mixed differ greatly in softening point, the effect of mixing is not obtained and pigments show poor dispersibility during toner production. The toner binder and the process eliminate these problems. The toner binder comprises aggregates of binder resin particles comprising two polyesters (A) and (B), wherein the polyester (A) has a higher softening point than the polyester (B) and the polyesters (A) and (B) have been evenly mixed in each particle. The process for producing a toner binder is characterized by melt-mixing the two polyesters (A) and (B) at 80 to 180 C. The toner binder is used mainly as an ingredient for dry toners.