PURPOSE: To produce a liq. toner narrow in grain diameter distribution and good in monodispersive property by using an unthickened graft polymer insoluble in aliphatic hydrocarbon solvent as a fixing agent.

CONSTITUTION: A polymer soluble in aliphatic hydrocarbons is bound to the surface of a monodisperse polymer fine grain obtained by soap-free emulsion polymerization. A monodisperse polymer fine grain of submicron order is generally obtained by so ap-free emulsion polymerization, and the fine grain is copolymerized with a water-soluble monomer having a functional group to form a polymer having a functional group only on the grain surface. The surface is treated with a silane coupling agent having a polymerization-active double bond with the hydroxyl group on the grain surface as a base to introduce a double bond into the grain surface. The treated grain and a monomer giving a polymer soluble in the aliphatic hydrocarbons are formed into a polymer, and the grain with the polymer grafted on the surface is obtained. Consequently, a liq. toner stably dispersed in the aliphatic hydrocarbons and giving a monodisperse system having a uniform grain diameter is produced.