To provide a two-component developer with which good image reproducibility and enough image density can be obtd. by contact development using a toner which is prepared by fixing carbon black on the surface of toner particles and which has excellent productivity.

In the two-component developer consisting of a toner containing at least toner particles and magnetic carrier, 1 to 10 wt.% (based on the toner particles) carbon black is fixed on the surface of the toner particles. The toner has ≥1×108 Ω.cm specific resistance. The carrier is comprised at least of a thermosetting binder resin and metal oxide, and the carrier is obtd. by direct polymn. The carrier has ≥1×1012 Ω.cm specific resistance.