A toner or two-component developer is provided. The toner includes toner base particles obtained by mixing in an aqueous medium a first resin particle dispersion, a colorant particle dispersion, and a wax particle dispersion, aggregating the mixed dispersion to form core particles at least part of which is melted, adding a second resin particle dispersion to a core particle dispersion in which the core particles are dispersed, and fusing the second resin particles with the core particles by heating. A GPC measurement of the second resin particles shows that the number-average molecular weight (Mn2) is 9000 to 30000, the weight-average molecular weight (Mw2) is 50000 to 500000, and the ratio (Mw2/Mn2) of the weight-average molecular weight (Mw2) to the number-average molecular weight (Mn2) is 2 to 10. The wax particles include at least a first wax and a second wax. An endothermic peak temperature (melting point Tmw1) of the first wax based on a DSC method is 50° C. to 90° C. The relationship between an endothermic peak temperature (melting point Tmw2) of the second wax based on the DSC method and Tmw1 is expressed as 5+Tmw1 (° C.)≦Tmw2 (° C.)≦50+Tmw1 (° C.).