Provided is a magnetic toner comprising magnetic toner particles each comprising at least a binder resin and a magnetic iron oxide, the magnetic toner being excellent in developability and environmental stability, and being capable of reducing a toner consumption. A saturation magnetization .sigma.s and a remanent magnetization .sigma.r of the magnetic toner in a measured magnetic field of 795.8 kA/m are arranged in the range of 5 to 60 Am.sup.2/kg and in the range of 0.1 to 10.0 Am.sup.2/kg, respectively, and the binder resin having a polyester component polymerized by using a Ti chelate compound as a catalyst is used.