A liquid developer comprising a carrier liquid, a toner particle insoluble in the carrier liquid, and a polymer having a primary amino group and soluble in the carrier liquid, wherein the toner particle comprises a polyester resin having an acidic group, an acid value of the polyester resin is at least 5 mg KOH/g, a pKa of the acidic group is not more than 3.4, and the polymer having a primary amino group has a primary amino group at a position other than the end of a main chain of the polymer, and method of producing thereof.