The present invention relates to a process for producing a dispersion of polyester particles which includes the step of emulsifying mixed polyester containing (1) an amorphous polyester containing a constitutional unit derived from a trivalent or higher-valent carboxylic acid in an amount of from 2.0 to 12.0 mol % on the basis of whole constitutional units of the whole amorphous polyester and (2) a crystalline polyester, in an aqueous medium in a single vessel, or the step of mixing the mixed polyester with an organic solvent and then adding the aqueous medium to the resulting mixture to emulsify the mixed polyester in a single vessel. The present invention also relates to a dispersion of polyester particles produced by the above production process, as well as a toner for electrophotography which is produced by subjecting the dispersion of the polyester particles to aggregation and coalescence and is excellent in both of a low-temperature fusing property and an anti-hot offset property, and a process for producing the toner.