A method of manufacturing a toner including dissolving or dispersing a toner component containing a colorant and a resin in an organic solvent to obtain a liquid solution or dispersion, continuously emulsifying and dispersing the liquid solution or dispersion in an aqueous medium containing a particulate dispersant to obtain emulsified primary particles, controlling cohesion and agglomeration of the emulsified primary particles and removing the organic solvent, such that the ratio (T1/T2) of the arithmetic mean accumulation time (T1) of the emulsified primary particles obtained in the controlling step to the arithmetic mean accumulation time (T2) of the emulsified primary particles obtained in the continuously emulsifying and dispersing step is from 1 to 5.