To provide a liquid developer and an image forming apparatus, capable of preventing or suppressing occurrence of nonuniform image in image formation.

The liquid developer comprises toner particles, an insulating liquid consisting mainly of a nonvolatile liquid, and a nitrogen-containing polyoxyalkylene glycol derivative. A content of the nitrogen-containing polyoxyalkylene glycol derivative is preferably 0.1-2.0 pts.wt. based on 100 pts.wt. of the insulating liquid. A resin material constituting the toner particles is preferably a polyester resin. The liquid developer preferably contains a polyamine fatty acid condensation polymer as a dispersant. The insulating liquid preferably contains a fatty acid monoester.