Toner and a developer which are excellent in cleaning property and fixing property at low temperature, and capable of forming images with high quality are provided. A toner prepared by dispersing and/or emulsifying an oil phase or a monomer phase comprising a toner composition and/or a toner composition precursor in a water-based medium to granulate, wherein the toner has an average circularity of 0.925 to 0.970, and the toner composition and/or the toner composition precursor has a layered inorganic material in which at least a part of interlayer ions in the layered inorganic material has been exchanged with organic ions.