A liquid developer for electrophotography using a polyester resin as a toner binder resin which is suitable for high-speed systems and has excellent stability over time is disclosed.The invention is a novel liquid developer for electrophotography having colored particles dispersed in an electrically insulated fluid medium. The liquid developer includes an oil-soluble ionic surface active agent as a charge controller. According to one embodiment, the colored particles include a binder resin having an acid value of 40 mgKOH/g or higher but less than or equal to 100 mgKOH/g. According to another embodiment, the colored particles include a binder resin having a glass transition temperature Tg of 35.degree. C. or higher but less than or equal to 65.degree. C.