A dry toner contains fine particles having average sphericity of 0.93 to 0.99, a content of the fine particles having a particle diameter of 2 .mu.m or less in the dry toner is 20% by number or less. A method for manufacturing a dry toner includes a process for dispersing in an aqueous medium containing water and a water-soluble organic solvent, a toner composition contained in an organic solvent by using fine solid dispersing agent; and a process for contracting volume of the dispersed toner composition. Further, the image forming apparatus having a photoconductor; a charger for charging the photoconductor; a light irradiator for irradiating the electrophotographic photoconductor to form a latent electrostatic image; a developer for developing the latent electrostatic image to form a developed image; and a transfer for transferring the developed image to a recording material, and the developer contains the dry toner abovementioned.