Disclosed is a decolorizable electrophotographic toner, including: a binder resin; and a colorant which contains at least a color developable compound and a color developing agent and is covered with an outer shell so as to have a capsule structure, wherein the number ratio of particles having an equivalent circle diameter of 0.6 μm or more and 2.5 μm or less of the toner when measured using a flow particle image analyzer after the toner is dispersed in an aqueous medium at a ratio of 0.08% by weight and the resulting dispersion is subjected to a stirring treatment in which stirring is performed at 5000 rpm for 30 minutes using a homogenizer (T-25 digital ULTRA-TURRAX (manufactured by IKA Japan K.K., provided with a shaft generator S25N-10G)) is 30% by number or less.