A method of manufacturing a toner comprising the steps of: (i) forming oil droplets in an aqueous medium comprising a surfactant having a long chain hydrocarbon group and an acid group, the oil droplets comprising: (i-a) a polycarboxylic acid having two or more carboxyl groups, (1-b) a polyalcohol having two or more hydroxyl groups, (i-c) a styrene compound, (i-d) a (meth)acrylate ester; (ii) polycondensing the polycarboxylic acid and the polyalcohol by heating to form a polyester resin in the oil droplets; (iii) radically polymerizing the styrene compound and the (meth)acrylate ester by supplying radicals to form a styrene-acryl copolymer resin in the droplets, as a result of steps (ii) and (iii), composite resin particles containing the polyester resin and the styrene-acryl copolymer resin are formed; and (iv) coagulating the composite resin particles in an aqueous medium.