A liquid developer of the present invention includes a toner particle and an insulating liquid, the toner particle including a resin and a pigment, the resin including a polyester resin, the pigment including a first pigment, a second pigment, and a third pigment, the first pigment being a carbon black, 10 to 25 mass % of the first pigment being included in the toner particle, the second pigment being nigrosine, 3 to 15 mass % of the second pigment being included in the toner particle, the third pigment being at least one organic pigment selected from a group consisting of a phthalocyanine blue pigment, a phthalocyanine green pigment, a carmine-based pigment, a naphthol-based pigment, a quinacridon-based pigment, an azo-based pigment, a benzimidazolone-based pigment, and an isoindoline-based pigment, 5 to 20 mass % of the third pigment being included in the toner particle.