A toner for developing latent electrostatic images is in the form of particles prepared by dissolving or dispersing each component of a composition in an organic solvent to form a solution or dispersion, the composition containing at least a resin reactive with a compound having an active hydrogen group, a compound having an active hydrogen group, a coloring agent, a releasing agent, and a graft polymer C of a polyolefin resin A on which a vinyl resin B has been at least partially grafted; dispersing the solution or dispersion in an aqueous medium; reacting the reactive resin with the compound having an active hydrogen group; removing the organic solvent during or after the step of reacting; and washing and drying particles formed by removing the organic solvent.