A toner for developing an electrostatic latent image is produced by classifying a pulverized feed material in a first classifying means into coarse powder and fine powder; pulverizing the coarse powder and feeding back the pulverized product to the first classifying means; introducing the fine powder to a second classifying means having a multi-division classification zone divided into at least three sections, where it is classified into a coarse powder portion, a median powder portion, and a fine powder portion; and feeding back the coarse powder to said pulverizing means or first classifying means. The median powder has a volume average particle diameter of from 4 .mu.m to 10 .mu.m and a coefficient of variation of number distribution, represented by A, satisfying the following condition: 20.ltoreq.A.ltoreq.45, and the weights B, C, F, G and M are controlled to satisfy the expressions: 0.3 .ltoreq.weight B/weight C.ltoreq.0.8, 0.2.ltoreq.weight G/weight C.ltoreq.0.7 and 0.8.ltoreq.weight B/(weight F+weight M).ltoreq.1.2.