A liquid developer contains an insulating liquid and toner particles dispersed in the insulating liquid. The toner particles have a resin and a coloring agent. The resin contains at least 10 mass % and at most 40 mass % of an aliphatic polyester resin and at least 60 mass % and at most 90 mass % of an aromatic polyester resin. The resin has an acid value not less than 20 mgKOH/g and not more than 100 mgKOH/g. A difference in acid value between the aliphatic polyester resin and the aromatic polyester resin is not less than 0 mgKOH/g and not more than 10 mgKOH/g.