In a method of manufacturing a toner in which toner particles are obtained by mixing resin particles and at least a colorant with each other to be coagulated, and heating an obtained coagulated product, binder resin is granulated into fine particles by a granulating method including a coarse particle preparing step, a slurry preparing step, a pulverizing step, a cooling step, and a depressurizing step. Slurry containing coarse particles of binder resin obtained by way of the coarse particle preparing step and the slurry preparing step is made to pass under heat and pressure through a pressure-resistant nozzle whereby the coarse particles of binder resin are pulverized into resin particles. By providing the cooling step and the depressurizing step immediately after the pulverizing step, the resin particles are prevented from coarsening.