An object of the present invention is to provide a carrier low in specific gravity and less in both environmental fluctuation and change of the charge amount after aging, an electrophotographic developer using the carrier, and a method of manufacturing the carrier. To achieve the object, the carrier is manufactured by coating a core material composed of a magnetic component and a non-magnetic component with a resin, and the carrier is characterized in that water content is 200 ppm or less and cyclic siloxane content is 100 ppb or less. Further, an electrophotographic developer containing the carrier is provided.