PURPOSE: To produce a magnetic recording medium which excels in the aging stability, etc. without giving the thermal damage to a polymer substrate, by laminating an insulated layer and a conduction layer successively on the surface of a cylindrical can which can be cooled and forming a magnetic layer on the substrate while shifting the substrate along the circumferential surface of the can.

CONSTITUTION: An SiC, etc. is plasma is melted and sprayed to the surface of a cylindrical can 13 which can be cooled to form an insulated layer 15. Then a conduction layer 16 of Cr, etc. is formed on the layer 15 by an ion plating process, etc. A magnetic alloy of NiCr, TiCr, etc. serving as a vapor deposit material 18 is sputtered through a slit 21 of a mask 20 provided under the can 13 while a polymer film substrate 10 is shifted along the circumferential surface of the can 13. Thus a vertically magnetized film is formed on the substrate 10. Thus no line nor thermal damage is produced to the substrate 10 when the substrate 10 is heated from the side of the can 13 unlike conventional case. The cooling effect is reduced owing to the layer 15 and the aging stability, the mechanical strength, etc. can be improved without dropping so less the temperature of the substrate 10. Then a magnetic tape can be produced at a high speed.