To provide an electrophotographic color fadable toner exhibiting an excellent color erasing function even with low power consumption; and to provide a color erasing method, and a color erasing device using the toner.

The electrophotographic color fadable toner comprises at least a binder resin comprising a polyester resin, a near IR ray absorbing dye, and a quaternary ammonium boron complex, wherein the toner contains a polycarbodiimide resin by 1-15 mass% based on the entire mass, the resin functioning as a modifying agent for the polyester resin. The color erasing method and the color erasing device are characterized in that a medium having an image formed thereon by an electrophotographic process using the electrophotographic color fadable toner is irradiated with near IR rays to erase the image.