A two component developer used in an electrophotographic method composed of a toner containing at least a resin and a colorant, and a carrier, is disclosed. The resin is composed of a polyester resin and a styrene-acryl resin, in which the polyester resin is prepared via condensation-polymerization of a polyvalent carboxylic acid and a polyol in a state where a styrene monomer and an acrylate monomer exist in an aqueous medium containing an acidic compound, followed by formation of the styrene-acryl resin via radical polymerization of the styrene monomer and the acrylate monomer; and the carrier comprises magnetic material powder dispersed in a binder resin, and has a volume based median diameter of 10 μm-100 μm, a shape factor SF-1 of 1.0-1.2, and a shape factor SF-2 of 1.1-2.5.