A magnetic toner for developing an electrostatic image is comprised of magnetic toner particles containing at least a binder resin, a magnetic fine powder and a wax. The magnetic toner particles have a weight-average particle diameter of from 3.5 to 6.5 &mgr;m, and a dispersion prepared by dispersing 15 mg of the magnetic toner particles in 19 ml of an aqueous solution of ethyl alcohol and water in a volume ratio of 27:73 has an absorbance of from 0.2 to 0.7 at a wavelength of 600 nm. A process for producig such a magnetic toner is charcterized by, especially, the melt-kneading step carried out under the following conditions: 2.2×103≦E/&egr;≦2.0×104 E=k&ohgr;2T, &egr;=F/(&pgr;D2L) wherein &ohgr; represents a screw rotational speed (m/min), T represents a preset temperature (K), F represents a feed rate (kg/min) of a mixture of a binder resin, a magnetic fine powder and a wax, D represents a cylinder inner diameter (m), L represents a screw effective length (m), &pgr; represents the circular constant, and k represents (D0/D)2, where D0 is 0.1 m.