Production process for a liquid developer for use in electrophotograph or electrostatic recording by coacervation method. The process can produce a liquid developer in which a coloring agent (e.g., a pigment) is included completely within a resin particle by distillation of a solvent while retaining the state where the coloring agent is finely dispersed and the resulting colored resin particle is small in particle size with excellent dispersion stability, and excellent optical properties.