A magnetic toner is constituted by at least a binder resin and a magnetic iron oxide. The magnetic iron oxide is characterized by having an Fe(II) content of 18.5-24.1 wt. %, and shows a BET specific surface area of S (m.sup.2 /g) and an X-ray diffraction pattern giving a half-value width W (deg.) of a diffraction peak corresponding to 311 plane of the magnetic iron oxide in spinel structure, the values S and W satisfying: 4.5.times.10.sup.-3 S+0.130.ltoreq.W.ltoreq.4.5.times.10.sup.-3 S+0.160, and 4.5.ltoreq.S.ltoreq.11.0. Alternatively, the magnetic iron oxide is characterized by having a number-average particle size D satisfying a relationship with W of: -0.08D+0.180.ltoreq.W.ltoreq.-0.08D+0.212, and 0.10.ltoreq.D.ltoreq.0.45. The relationship between W and S or D indicates a good crystallinity of the magnetic iron oxide which provides the magnetic toner with a stable performance for a long period of time. The magnetic iron oxide can be obtained through a heating treatment at a temperature of 130.degree.-360.degree. C. within a gaseous mixture of hydrogen and nitrogen containing 50 vol. % or less of hydrogen or at a temperature of 150.degree. -450.degree. C. in an inert gas.