A toner for developing electrostatic images, comprises a binder resin and a colorant, wherein the binder resin comprises a vinyl copolymer having an acid anhydride group, and the binder resin has a total acid value (A) of 2-100 mgKOH/g and a total acid value (B) attributable to acid anhydride group of below 6 mgKOH/g so that [(B)/(A)].times.100 is 60% or less. Because the binder resin has a specified acid value partly attributable to acid anhydride group, the toner is provided with an adequate balance between chargeability and dischargeability, so that the toner shows a stable performance under various environmental conditions. The toner is particularly advantageously constituted as a magnetic toner of fine particle sizes suitably used under application of unsymmetrical alternating bias electric field.