A liquid developer comprising: a toner particle containing binder resin; a carrier liquid; and a basic toner particle dispersing agent, wherein the basic toner particle dispersing agent is a primary amine, an acid value of the binder resin is at least 10 mg KOH/g, an acid value of a component having a molecular weight of not more than 2,000 contained in the binder resin is not more than 5 mg KOH/g, and a hydroxyl value of the component having a molecular weight of not more than 2,000 contained in the binder resin is not more than 10 mg KOH/g.