PURPOSE: To improve the dispersibility of magnetic powder by incorporating the urethane oligomer contg. an amino group and a carboxyl group into the binder as the essential component.

CONSTITUTION: The urethane oligomer contg. an amino group and a carboxyl group is incorporated as the essential component. In this case, the urethane oligomer is composed of a polyisocyanate and the hydroxyl component consisting of a mono-ol contg. an amino group and/or a polyol, a mono-ol contg. a carboxyl group and/or a polyol, and, if necessary, a polyol not contg. an amino group and a carboxyl group. As a result, a magnetic powder is excellently dispersed, and the electromagnetic transducing property of the obtained magnetic recording material is remarkably improved.