Abstract This study explores the applicability of micro-Raman spectroscopy as a non-destructive technique for the analysis of color toner printed counterfeits. The main aim of the research paper was to find out whether Raman spectroscopy is a suitable method for establishing the connection between different specimens of counterfeits suspected to be printed with the same toner on the same machine. Specimens of different types of toners printed on different types of paper are analyzed by means of the micro-Raman spectroscopy system with the excitation line at 514.5 nm. For each specimen cyan, magenta and yellow toners are analyzed separately. The yellow toners displayed the most distinctive Raman spectra. The results show that micro-Raman spectroscopy can be successfully applied as a method for the analysis of color toner printed counterfeits, such as banknotes and documents, in order to establish links between more or less different specimens of counterfeits by measuring the properties of a color toner.