A method for producing a decolorizable electrophotographic toner, comprising: providing a binder resin being polyester-based resin with a weight average molecular weight Mw of 5000 or more and 30000 or less; and providing a colorant which contains at least a color developable compound and a color developing agent and is covered with an outer shell so as to have a capsule structure, and has a volume average particle diameter of from 0.5 to 3.5 μm in a dispersion medium, dispersing particles containing the binder resin and the colorant in the dispersion medium; aggregating and fusing the dispersed particles containing a binder resin and the dispersed colorant, thereby obtaining particles having a circularity of from 0.88 to 0.95; characterized in that the method further comprising: providing the toner in which number ratio of particles having an equivalent circle diameter of 0.6 μm or more and 2.5 μm or less of the toner is 30% by number or less when measuring the number ratio of particles using a flow particle image analyzer after the toner is dispersed in an aqueous medium at a ratio of 0.08% by weight and the resulting dispersion is subjected to a stirring treatment in which stirring is performed at 5000 rpm for 30 minutes using a homogenizer (T-25 digital ULTRA-TURRAX (manufactured by IKA Japan K.K., provided with a shaft generator S25N-10G)), and the binder resin having a glass transition temperature of 52°C or higher and 80°C or less. providing a binder resin being polyester-based resin with a weight average molecular weight Mw of 5000 or more and 30000 or less; and providing a colorant which contains at least a color developable compound and a color developing agent and is covered with an outer shell so as to have a capsule structure, and has a volume average particle diameter of from 0.5 to 3.5 μm in a dispersion medium, dispersing particles containing the binder resin and the colorant in the dispersion medium; aggregating and fusing the dispersed particles containing a binder resin and the dispersed colorant, thereby obtaining particles having a circularity of from 0.88 to 0.95; characterized in that the method further comprising: providing the toner in which number ratio of particles having an equivalent circle diameter of 0.6 μm or more and 2.5 μm or less of the toner is 30% by number or less when measuring the number ratio of particles using a flow particle image analyzer after the toner is dispersed in an aqueous medium at a ratio of 0.08% by weight and the resulting dispersion is subjected to a stirring treatment in which stirring is performed at 5000 rpm for 30 minutes using a homogenizer (T-25 digital ULTRA-TURRAX (manufactured by IKA Japan K.K., provided with a shaft generator S25N-10G)), and the binder resin having a glass transition temperature of 52°C or higher and 80°C or less. providing the toner in which number ratio of particles having an equivalent circle diameter of 0.6 μm or more and 2.5 μm or less of the toner is 30% by number or less when measuring the number ratio of particles using a flow particle image analyzer after the toner is dispersed in an aqueous medium at a ratio of 0.08% by weight and the resulting dispersion is subjected to a stirring treatment in which stirring is performed at 5000 rpm for 30 minutes using a homogenizer (T-25 digital ULTRA-TURRAX (manufactured by IKA Japan K.K., provided with a shaft generator S25N-10G)), and the binder resin having a glass transition temperature of 52°C or higher and 80°C or less.