A method of manufacturing toner including adding an oil phase comprising an organic solvent in which a binder resin, a coloring agent and a releasing agent are dissolved or dispersed and an aqueous phase to an emulsification device equipped with a stirrer, continuously dispersing or emulsifying the oil phase and the aqueous phase in the emulsification device equipped with a stirrer to form a liquid dispersion or emulsion comprising oil phase particles, transporting the liquid dispersion or emulsion to a tank, removing the organic solvent from the liquid dispersion or emulsion followed by drying to form mother toner particles, wherein the releasing agent has been preliminarily prepared to have a dispersion diameter of from 0.15 to 0.7 .mu.m before the releasing agent is contained in the oil phase, a circumferential speed of the stirrer is from 15 to 25 m/s, and a volume particle diameter (DV') of the oil phase particles at an exit of the emulsification device to the tank and a volume average particle diameter (Dv) of the oil phase particles in the tank satisfy the following relationships: 3.0.ltoreq.DV'.ltoreq.6.0 Relationship 1 4.0.ltoreq.Dv.ltoreq.7.5 Relationship 2 1.0.ltoreq.Dv-Dv'.ltoreq.3.0 Relationship 3.