A magnetic toner exhibiting stable performances under various environmental conditions is formed of toner particles each comprising at least a binder resin and iron oxide dispersed therein. Relative to the dry specific gravity (A) of the magnetic toner, the magnetic toner is characterized by a specific gravity distribution of toner particle fractions obtainable through wet sedimentation and including: at most 15 wt. % of a fraction having a specific gravity of above (A)×1.000 and at most (A)×1.025, 0.1-20 wt. % of a fraction having a specific gravity of above (A)×0.975 and at most (A)×1.000, at least 30 wt. % of a fraction having a specific gravity of above (A)×0.950 and at most (A)×0.975, 0.1-20 wt. % of a fraction having a specific gravity of above (A)×0.925 and at most (A)×0.950, and at most 15 wt. % of a fraction having a specific gravity of above (A)×0.900 and at most (A)×0.925.