PURPOSE: To directly produce an electrophotographic toner in a resin polymerizing process in the form of particles excellent in moisture resistance and flowability and having particle size structure fit for use as a toner and uniform particle size distribution.

CONSTITUTION: A polymerizable monomer is dispersion-polymerized with a polymer stabilizer decomposable with a reducing agent as a dispersion stabilizer and the resulting polymer particles are treated with the reducing agent. The objective toner excellent in moisture resistance can be produced.