A toner comprising a resin binder and a colorant comprising a composite oxide of two or more metals, wherein the composite oxide has a BET specific surface area of 0.5 to 7 m2/g and a saturation magnetization of from 1 to 40 Am2/kg; and a two-component developer comprising the above toner and a carrier having a saturation magnetization of from 40 to 100 Am2/kg. The toner can be used for the development of a latent image formed in electrophotography, electrostatic recording method, electrostatic printing method or the like.