Toner includes aggregated and associated particles formed by mixing in an aqueous medium at least a resin particle dispersion in which resin particles are dispersed, a colorant particle dispersion in which colorant particles are dispersed, and a wax particle dispersion in which wax particles are dispersed and heat-treating the mixed dispersion for aggregation. The aggregated and associated particles include first particles having a capsule structure in which aggregated wax with an average particle size of greater than 1 .mu.m is incorporated into the resin, and second particles formed of the resin and the wax in a mixed and dispersed state. The toner can achieve oilless fixing that prevents offset without using oil while maintaining high OHP transmittance and also can eliminate spent of the toner components on a carrier to make the life longer.