A liquid developer which includes an insulating liquid, and toner fine particles containing a coloring agent and a toner resin. In the liquid developer, its electric capacitance does not significantly vary in an electric circuit where an electrical double-layer capacitor and an electronic resistance corresponding to a velocity of an electron exchange during an electrode reaction are connected in parallel, and a resistance corresponding to an electric conductivity of the insulating liquid is connected in series. The coloring agent has a coating layer so as to maintain distances between the toner fine particles. The insulating liquid has a viscosity of 0.5 mPa·s to 1000 mPa·s, a specific resistance of 1×1012 Ωcm or more, and a surface tension of 30 dyn/cm or less, and may be a nonvolatile liquid having a boiling point of 100° C. or higher.