To efficiently produce an electrophotographic toner having a sharp particle size distribution.

At least a bonding resin, a colorant and an electric charge controlling agent are dissolved and/or dispersed in an org. solvent to prepare a liq. toner compsn. This toner compsn. is put in a dispersion contg. a dispersant and they are emulsified by a colloid mill method to prepare an oil-in-water emulsion. The org. solvent is removed from the emulsion by heating and the deposited particles are washed and dried to produce the objective electrophotographic toner. The viscosity ηA of the liq. toner compsn. and the viscosity ηB of the dispersion have the relation of 0.8≤ηA/ηB≤1.6.