To provide a magnetic recording medium which contains ferromagnetic powder composed mostly of iron and has excellent storage stability and traveling durability.

The magnetic recording medium has a magnetic layer containing ferromagnetic powder and a binder on a nonmagnetic support. The magnetic layer contains the ferromagnetic powder which is composed mostly of iron and contains a phosphate compound and a hydroxy dicarboxylic acid compound at a mass ratio of 90:10 to 10:90 while the total amount of compounds is 1.5-7 pts.mass per 100 pts.mass of the ferromagnetic powder. The method for manufacturing the magnetic recording medium including the magnetic layer containing the ferromagnetic powder and the binder on the nonmagnetic support includes forming the magnetic layer on the nonmagnetic support by applying and drying an application liquid for generating the magnetic layer which contains the ferromagnetic powder composed mostly of iron and contains the phosphate compound and the hydroxy dicarboxylic acid compound at the mass ratio of 90:10 to 10:90 while the total amount of compounds is 1.5-7 pts.mass per 100 pts.mass of the ferromagnetic powder.