PURPOSE: To provide a magnetic recording medium having high reproduction output, satisfactory electromagnetic transducing characteristics, slight dropout, excellent running durability, satisfactory stiffness and improved contact with a head.

CONSTITUTION: When a nonmagnetic layer is formed on a nonmagnetic substrate and a magnetic layer contg. ferromagnetic powder dispersed in a binder is formed on the nonmagnetic layer to obtain a magnetic recording medium, the nonmagnetic layer is composed of two or more nonmagnetic layers each contg. nonmagnetic powder and a binder, the thickness of the magnetic layer is regulated to ≤1.0μm and the total thickness of the nonmagnetic layers is made larger than the thickness of the magnetic layer. The magnetic recording medium is preferably produced by a wet-on-wet coating system, the mol.wt. of the binder contained in the lower nonmagnetic layer is preferably lower than that of the binder contained in the upper nonmagnetic layer and the lower nonmagnetic layer preferably has a larger void volume than the upper nonmagnetic layer.