A method of manufacturing toner including; melting and kneading a mixture including a binder resin and a coloring agent; cooling down the melted and kneaded mixture to provide a cooled mixture; coarsely pulverizing the cooled mixture to provide a coarsely pulverized mixture; finely pulverizing the coarsely pulverized mixture by supplying it via a pulverized material supply to a pulverizer that includes a rotation axis, a rotor attached to the rotation axis, and stators arranged around the rotor with a gap between the stators and the surface of the rotor and that performs pulverization in a circular space formed by the gap; and classifying the finely pulverized material by a classifier into at least fine powder, a toner product and coarse powder, wherein the coarse powder is returned to the pulverized material supply as part of the coarsely pulverized mixture.