A liquid developer containing toner particles containing a resin containing a polyester and a pigment, wherein the toner particles are dispersed in an insulating liquid in the presence of a dispersant,wherein the insulating liquid has a boiling point of 300° C. or lower, and wherein the insulating liquid has a peak intensity ratio of a methyl group calculated by the formula (1): Peak ⁢ ⁢ Intensity ⁢ ⁢ Ratio ⁢ ⁢ ( % ) ⁢ ⁢ of ⁢ ⁢ Methyl ⁢ ⁢ Groups = A A + B × 100 ( 1 ) wherein A is a peak intensity ascribed to CH3 stretching vibration when measured with a Fourier transform infrared spectrometer, B is a total peak intensity ascribed to CH2 stretching vibration and CH stretching vibration, of 25% or more, or wherein the insulating liquid contains a polyisobutene.