Liquid developer

A liquid developer containing toner particles containing a resin containing a polyester and a pigment, wherein the toner particles are dispersed in an insulating liquid in the presence of a dispersant, wherein the insulating liquid has an evaporation rate after holding at 40° C. for 30 minutes of less than 0.26% by mass; and a method for producing a liquid developer containing toner particles containing a resin containing a polyester and a pigment, wherein the toner particles are dispersed in an insulating liquid in the presence of a dispersant, including: step 1: melt-kneading a resin containing a polyester and a pigment, and pulverizing a kneaded product obtained, to provide toner particles; step 2: adding a dispersant to the toner particles obtained in the step 1, and dispersing the toner particles in an insulating liquid to provide a dispersion of toner particles, and step 3: subjecting the dispersion of toner particles obtained in the step 2 to wet-milling, to provide a liquid developer, wherein the insulating liquid has an evaporation rate after holding at 40° C. for 30 minutes of less than 0.26% by mass. The liquid developer of the present invention is suitably used, for example, in development or the like of latent images formed in electrophotography, electrostatic recording method, electrostatic printing method or the like.