A method for producing a liquid developer comprising an insulation liquid and toner particles dispersed in the insulation liquid is provided. The method comprising the steps of: a wet grinding step for grinding a toner material mainly composed of a resin material in a first liquid which contains as its main component a fatty acid monoester to obtain a ground material dispersed liquid; and a mixing step for mixing the ground material dispersed liquid and a second liquid which contains as its main component a fatty acid triglyceride, wherein the first and second liquids constitute the insulation liquid, and the ground resin material dispersed in the insulation liquid constitutes the toner particles. According to the producing method, it is possible to produce a liquid developer in which toner particles having a sufficiently small size are stably dispersed with high production efficiency. Further, a liquid developer produced by the method and an image forming apparatus are also provided.