To provide a liquid developer excellent in dispersion stability of toner particles, and an image forming device using the liquid developer.

The liquid developer includes toner particles, an insulating liquid for dispersing the toner particles, and a graft copolymer of an acrylic polymer and a polysiloxane. A surface of the toner particle is preferably modified with a polyalkylene imine. A resin material constituting the toner particle preferably contains a rosin resin.