A process for producing a toner resin by a two-step suspension polymerization process, which entails preparing a polymer of high molecular weight having a weight average molecular weight of greater than about 350,000 from at least one monomer having a polymerizable vinyl group using a compound having at least three t-butyl peroxide groups in one molecule, as a polymerization initiator, and then preparing a low molecular weight polymer in the presence of the high molecular weight polymer. A toner having an excellent fixing property and offset resistance can be obtained from the above resin.