A liquid developer includes an insulating liquid and toner particles which are dispersed in the insulating liquid and contain a resin and a coloring agent. The resin contains a first resin which is a resin containing a component derived from a crystalline polyester resin. The coloring agent contains carbon black and nigrosine. The toner particles have a peak at not lower than 30° C. and not higher than 50° C. in a DSC curve in temperature decrease.