A two-component developer is provided. The two-component developer includes a toner containing a binder resin, a colorant and a release agent, and a resin-coated carrier composed of a carrier core material and a resin coating layer formed on a surface of the carrier core material. The toner has an exposure rate of the release agent on the toner surface of 1.00% or above and 3.07% or below. The carrier core material has an apparent density of 1.86 g/cm3 or more and 2.45 g/cm3 or less. The exposure rate of the release agent of the toner and the apparent density of the carrier core material satisfy the following formula (1): y≦−1.54x+5.93  (1) wherein y represents the exposure rate of the release agent of the toner, and x represents the apparent density of the carrier core material.