Provided is a magnetic toner capable of providing a stable image by suppressing sleeve contamination even under a high-temperature and high-humidity environment and under a normal-temperature and low-humidity environment and further suppressing large-particle fogging caused after the toner is left alone for a week. The magnetic toner contains toner particles, each of which contains a binder resin and a magnetic iron oxide particle, in which the binder resin has a polyester unit, the toner has i) a dielectric loss factor at 40° C. and 100 kHz of 0.50 pF/m or more but 0.90 pF/m or less, and ii) a true specific gravity of 1.50 g/cm3 or more but 1.85 g/cm3 or less.