Provided is a two-component developer has a toner including a toner particle including a binder resin, and a magnetic carrier, wherein the binder resin includes a polymer A having a first monomer unit derived from a first polymerizable monomer, and a second monomer unit derived from a second polymerizable monomer different from the first polymerizable monomer, the first polymerizable monomer is a specific (meth)acrylic acid ester, a content and an SP value of the first and second monomer units in the polymer A fall within respective specific ranges, the magnetic carrier has a magnetic core and a coating resin of the surface of the magnetic core, the coating resin includes a polymer B having monomer units (a) and (b), each SP value of the monomer units (a) and (b) is a specific value.