Disclosed is a capsule-type toner which has excellent low-temperature fixing properties, high offset resistance and excellent electrically charging properties, can form thin characters, fine lines and fine dots, can produce high-quality images, and has a small particle size, a sharp particle size distribution and a spherical shape. Specifically disclosed is a toner which comprises toner particleseach comprising at least (a) a resin mainly composed of polyester and (b) a coloring agent, a wax and an urethane resin. In the toner, each of the toner particles has a hydroxyl value of 0.5 to 10.0 mgKOH/m2 (inclusive) per specific surface area thereof. When the glass transition temperature of the toner as measured by differential scanning calorimetry (DSC) at a temperature elevation rate of 0.5DEG C/min is expressed by Tg(0.5) and the glass transition temperature of the toner as measured by differential scanning calorimetry (DSC) at a temperature elevation rate of 4.0 DEG C/min is expressed by Tg(4.0), Tg(0.5) is 40 to 60 DEG C (inclusive), and a value obtained by subtracting a value of Tg(0.5) from a value of Tg(4.0) (i.e., Tg(4.0) - Tg(0.5)) is 2.0 to 10.0 DEG C (inclusive).