A microcapsule toner is produced through the steps of: passing resinous base particles (A1) comprising at least a binder resin and modifier particles (B) having a particle size ratio of 0.2 or less with respect to the base particles (A1) through an impact zone having a minimum clearance of 0.5-5 mm between a rotating member and a fixed member or between at least two rotating members at an ambient temperature of 10.degree.-90.degree. C. thereby to fix the modifier particles (B) onto the surfaces of the base particles (A1) under the action of a mechanical impact force to form particles (A2), the modifier particles (B) being particles selected from the group consisting of charge-controlling particles releasing particles, colored particles, charge-suppressing particles and abrasive particles; and passing the particles (A2) and shell-forming resin particles (C) having a particle size ratio of 0.2 or less with respect to the particles (A2) through an impact zone having a minimum clearance of 0.5-5 mm between a rotating member and a fixed member or between at least two rotating members at an ambient temperature of 10.degree.-90.degree. C. thereby to fix the shell-forming resin particles onto the surfaces of the particles (A2) under the action of a mechanical impact force to form a shell, thus obtaining a microcapsule toner.