A method of manufacturing toner particles capable of decreasing the manufacturing costs by simplifying the manufacturing apparatus and by decreasing the number of the steps, as well as to provide toner particles, a two-component developer, a developing apparatus and an image forming apparatus are provided. A high-pressure homogenizer is constituted by a tank, a feed pump, a high-pressure pump, a heat exchanger, a nozzle, a first depressurizing module, a cooling unit, a second depressurizing module and a take-out port arranged in this order. A flow path constituted in the first depressurizing module has a straight portion tilted with respect to a direction in which the aqueous slurry passes and a portion for relaxing the flow of the aqueous slurry.