The present invention provides a method for producing a liquid developer for electrophotography or electrostatic recording obtained by a coacervation method, which sufficiently maintains the charging property and has good dispersion stability of colored resin particles, as well as a liquid developer obtained by the method.A method for producing a liquid developer by a coacervation method, wherein a colored resin particle is dispersed in an insulating hydrocarbon dispersion medium in the presence of a particle dispersant and an acid group-containing resin, and the particle dispersant is a reaction product of a polyamine compound and a self-condensation product of a hydroxycarboxylic acid.