To provide a novel lowly viscous binder resin for toluene intaglio printing ink, having improved abrasion resistance and improved wettability with black ink, and showing a good heat stability in its production.

This resin is produced by reacting (A) a 4-10C linear, branched or cyclic hydrocarbon having at least two unsaturations and/or an oligomer thereof having a degree of oligomeration of 2-10 with (B) a natural resin and/or a natural resin acid, (C) an α,β-olefinically unsaturated carboxylic acid and/or an anhydride thereof, (D) a divalent-metal compound, (E) a carboxylic acid selected from the group consisting of aromatic and saturated aliphatic carboxylic acids, and (F) a fatty acid ester. This reaction is carried out in at least two stages including stage 1 where compound (A) is reacted with compound (B) and stage 2 and subsequent stages where the reaction product from the preceding stage is reacted with at least one compound selected among compounds C, D, E and F at 100-300°C under the exclusion of water.