A capsule toner capable of enhancing low temperature fixation property without impairing preservation property under a high temperature environment, a two-component developer, and an image forming apparatus are provided. The capsule toner is constituted of toner particles having toner base particles and a coating layer for coating the surface thereof. The toner base particle includes styrene-acrylic resin or polyester resin as a binder resin, and the coating layer includes styrene-acrylic resin or polyester resin. The capsule toner contains 0.05% by weight or more and 0.70% by weight or less of volatile plasticizer based on a total amount of the capsule toner.