A liquid developer for electrostatic photography comprising at least resin grains dispersed in a non-aqueous solvent having an electric resistance of at least 10.sup.9 .OMEGA.cm and a dielectric constant of not higher than 3.5, wherein the dispersed resin grains are polymer resin grains obtained by polymerizing a solution containing (1) at least one monofunctional monomer (A) which is soluble in the non-aqueous solvent but becomes insoluble therein by being polymerized, (2) at least one monofunctional macromonomer (MA) having a number average molecular weight of not more than 1.times.10.sup.4 and having a polymerizable double bond or at least one oligomer (B) having a number average molecular weight of not more than 1.times.10.sup.4 and having at least one polar group selected from a carboxy group, a sulfo group, a hydroxy group, a formyl group, an amino group, a phosphono group and ##STR1## (3) at least one polyfunctional monomer (D) having at least two polymerizable functional groups which are copolymerizable with the monofunctional monomer (A), and (4) at least one dispersion-stabilizing resin (P) soluble in the non-aqueous solvent. The liquid developer of the present invention is excellent in dispersibility and redispersibility of resin grains, and resistivity, and provides a master plate for offset printing having high printing durability.