A liquid developer having superior fixing characteristic of toner
particles to a recording medium and which is harmless to the environment,
and an image forming apparatus using the liquid developer are provided.
The liquid developer is comprised of an insulation liquid and toner
particles dispersed in the insulation liquid, wherein the insulation
liquid contains a first vegetable oil and a reaction product produced by
an ester exchange reaction of a second vegetable oil and a monovalent
alcohol.