A liquid developer is provided. The liquid developer comprises an insulation liquid, toner particles dispersed in the insulation liquid, a dispersant dissolved in the insulation liquid; and a charge control agent dissolved in the insulation liquid. The charge control agent is represented by the following chemical formula (I): wherein in the chemical formula (I) R1 represents an alkyl group or alkenyl group having a carbon number in the range of 8 to 22, and R2 represents a hydroxyalkyl group. The liquid developer has both superior dispersibility and a charge characteristic of toner particles. Further, an image forming apparatus is also provided.