A liquid developer is provided. The liquid developer includes a liquid insulator and toner particles. The liquid insulator toner particles include a resin material, a colorant, a substance A, a substance B, and a substance C. The substance A is an acrylic-modified silicone. The substance B is at least one selected from the group consisting a quaternary cationic silicone, an aminophenyl-modified silicone, and a phenyl-modified silicone. The substance C is at least one of a silanol-containing polysiloxane and a fluorine-modified silicone. The average degree of roundness R1 of the toner particles is 0.890 or greater, if the degree of roundness is expressed as L0/L1, where L1 (μm) is a circumference of a profile view of a measured particle and L0 (μm) is the circumference of a perfect circle of a circumference of a profile view corresponding to the profile view of the measured particle.