A toner suitable for developing electrostatic images is produced through a process comprising: dispersing a monomer composition comprising at least a polymerizable monomer and a colorant in an aqueous medium heated at a temperature higher than a polymerization temperature, thereby to form particles of the monomer composition; adjusting the aqueous medium to the polymerization temperature; and adding a substantially water-insoluble polymerization initiator to the aqueous medium containing the particles of the monomer composition dispersed therein and adjusted to the polymerization temperature, thereby to cause the polymerization of the polymerizable monomer. According to this process, a toner containing a large amount of a low-softening point compound and having good fixability at low pressure and/or low temperature can be produced while retaining good anti-blocking characteristic and fluidity.