In an electrophotographic apparatus, which forms a color image by transferring a plurality of toner images having different colors onto an image-receiving sheet so as to be stacked and fixed thereon, even in the case of carrying out an oil-less fixing process and allowing the process speed to vary within wide range, the present invention provides a binder resin, toner and an electrophotographic apparatus which make it possible to achieve both superior fixing property and anti-offset property, and consequently to form a color image with high color reproducibility and high quality. In the present invention, a toner comprising a molecular weight maximum peak in a range of molecular weights from 2.times.10.sup.3 to 3.times.10.sup.4 in molecular weight distribution of GPC chromatogram, and a molecular weight maximum peak or shoulder in a range from 3.times.10.sup.4 to 1.times.10.sup.6, wherein said molecular weight maximum peak or shoulder located on a range of molecular weights from 3.times.10.sup.4 to 1.times.10.sup.6 is obtained by kneading a toner composition containing a specific binder resin containing a high molecular weight component at not less than a specific amount so that the high molecular weight component of the binder is converted into a low molecular weight component by thermal or mechanical energy exerted at the time of kneading, is provided.