The invention provides a toner comprising core particles formed by mixing in an aqueous medium at least a first resin particle dispersion liquid having first resin particles dispersed therein, a colorant particle dispersion liquid having colorant particles dispersed therein and a wax particle dispersion liquid having wax particles dispersed therein so as to effect aggregation, wherein the colorant contains carbon black of 45 to 70 DBP oil absorption rate (ml/100 g) and wherein the wax contains wax of 50 to 90 DEG C endothermic peak temperature (referred to as melting point Tmwl( DEG C)) according to the DSC method. Accordingly, there are provided a toner, and process for producing the same, that realize preparation of a small-particle-diameter toner with sharp particle size distribution without the need of classifying operation, prevention of voiding and scattering at the time of transfer, and attainment of high transfer efficiency.