To provide a manufacturing method of a magnetic paint wherein ultra fine particle magnetic powder is satisfactorily dispersed and to provide a magnetic recording medium having excellent high density recording characteristics by using the magnetic paint obtained by the method.

In the manufacturing method of the magnetic paint containing the magnetic powder having 50 nm average particle diameter and a binder resin, treatment by a centrifuge is performed before a process for performing dispersion by using media for dispersion. The magnetic recording medium such as a magnetic tape and a magnetic disk is manufactured by using the magnetic paint obtained by the manufacturing method.