To provide toner and a method of manufacturing a toner excelling in manufacturing stability and having satisfactory fogging, fixing and blocking resistance.

The toner for developing an electrostatic charge image containing at least binding resin and wax, contains ester-based wax with an acid value of 1 mg-KOH/g or more as the wax. The method of manufacturing the toner for developing the electrostatic charge image, including a process for manufacturing a wax dispersion liquid, uses ester-based wax with the acid value of 1 mg-KOH/g or more and polyglycerine fatty acid ester in the process for manufacturing the wax dispersion liquid.