A liquid developer includes toner particles and an insulating liquid, the toner particles include a resin and a pigment, the resin includes a crystalline resin, the pigment includes a first pigment, a second pigment, and a third pigment, the first pigment is carbon black, the second pigment is C.I. Pigment Brown 23 and/or C.I. Pigment Brown 25, the third pigment is nigrosine, and 20 to 60% by mass of the pigment is included relative to the toner particles.