A magenta toner for developing electrostatic images is formed of a binder resin, and a quinacridone pigment providing an X-ray diffraction spectrum showing two peaks in a Bragg angle (2.theta.) region of 5-10 deg. The magenta toner has an improved light fastness, may have a desired hue comparable to a printing process ink and is suitably used for electrophotographic full-color image formation. The magenta toner may preferably be formed through a process including a first kneading step starting from wet blending of a binder resin and two paste pigments including quinacridone and 2,9-dimethylquinacridone, respectively, under mild conditions not causing crystal transformation to form a master batch and a second kneading step of diluting the master batch together with other additive.