Font creation is a long story. There is no one certain way to create a font. I had made it once around 10 years ago and must say, it was a torture. First I made letters in a vector graphic editor - Adobe Illustrator, then I used a program Fontographer to make up a font for windows, but no matter what combination of setting I used, it always gave me bad results, there were problems with encoding and compatibility in different programs.
By the way there is a program Fontforge, it is a free program, but I can't say much about it, at least it works on my windows 7 computer, but I didn't go far in learning this pogram.http://fontforge.org/
There are commercial programs like Fontlab, I think the price is measured in thousands dollars.
I personally prefer creating bitmap fonts (just a set of bitmaps). It gives me absolute freedom when I work and I can use any colors for it.