PURPOSE: To obtain a magnetic recording medium contg. well dispersed magnetic powder and having superior surface smoothness, durability and heat resistance by forming a magnetic layer contg. specified thermoplastic polyurethane resin, a specified ester compd. and ferromagnetic fine powder surface-treated with a specified coupling agent and a specified phosphoric ester.

CONSTITUTION: Thermoplastic polyurethane resin having specified mol.wt., tensile rupture strength, tensile rupture elongation, 100% modulus and glass transition point, a specified ester compd. represented by formula I and magnetic powder surface-treated with a specified phosphoric ester such as a compd. represented by formula II and a specified coupling agent are used. In the formula I, each of R1 and R2 is 1W25C straight chain or branched satd. alkyl group and R3 is 7W29C straight chain or branched (un)satd. alkyl group. In the formula II, R is 2W28C hydrocarbon or acyl group A is 2W24C alkylene group, (n) is 0 or an integer of 1W30 and (l) is 1, 1.5 or 2. The components are easily converted into a magnetic coating material having superior dispersibility and stability. When the coating material is applied, a magnetic layer having superior smoothness is formed.