A two-component developer including at least a toner and a carrier. The toner includes a coloring particle prepared by agglutinating and fusing a resin particle having colorants and a resin particle having wax, and 0.2-2.0 wt. % hydrophobic silica and 0.01-1.0 wt. % a hydrotalcite-like compound as external additives. A shape coefficient of the toner is 0.93-0.99. The carrier includes at least a magnetic particle coated with a silicone resin layer, with a volume average particle diameter of 20-100 μm.