A liquid developer comprised of toner particles having excellent fixing properties to a recording medium is provided, and a liquid developer in which toner particles having uniform shape and small particle size distribution are dispersed is also provided, and further a method of producing a liquid developer capable of producing such a liquid developer efficiently is also provided. In particular, a producing method capable of producing such a liquid developer as described above in a method harmless to the environment is provided. The liquid developer producing method is a method for producing a liquid developer which is comprised of an insulation liquid and toner particles dispersed in the insulation liquid and is characterized by comprising the steps of: a water-based dispersion liquid preparing step for preparing a water-based dispersion liquid, the water-based dispersion liquid comprising a dispersoid comprised of a material containing a resin material and a water-based dispersion medium constituted from a water-based liquid in which the dispersoid is dispersed; a dispersion medium removal step for removing the dispersion medium to obtain toner particles; and a dispersing step for dispersing the toner particles into the insulation liquid.