Disclosed is a toner for developing an electrostatic latent image comprising a binding resin and a colorant, wherein the toner contains from 0.1% to 40% by weight of wax, the amount of wax disposed on the surface of the toner is from 1% to 10% by weight, and the number-average dispersion diameter of the wax is from 0.1 to 2 .mu.m. The toner is produced by a process comprising a step of dissolving or dispersing each of the raw materials of the resin, colorant, and wax into an organic solvent to form an oil-phase component, and a step of granulating the oil-phase component in an aqueous solvent, or a step of granulating the oil-phase component in an aqueous solvent and a step of suspension-polymerizing the particles formed in the granulation step. It is desirable that the wax be finely dispersed beforehand and that the wax be flake-shaped. The toner for developing an electrostatic latent image has the advantages that it is not necessary to supply oil to a fixing system and that the oilless fixing capability, the powder characteristics of the toner using wax, the filming characteristics, and the high transfer capability required for forming a color image can be satisfied compatibly.