The present invention provides a magnetic recording medium, by which it is possible to improve dispersion property, coating material stability and coating material viscosity of a magnetic layer and a non-magnetic underlayer or a back-coat layer of the magnetic recording medium using metal magnetic powder and to improve electromagnetic characteristics. In the magnetic recording medium, which comprises a magnetic layer having metal magnetic powder and a binder as major components, said magnetic layer being disposed on a non-magnetic support member, said binder comprises a vinyl chloride copolymer, a polyurethane resin having a group, which contains metal sulfamate as a functional group, and a curing agent. Said polyurethane resin comprises a group containing metal sulfamate by 0.5 to 3 per molecule, blending weight ratio of the vinyl chloride copolymer and the polyurethane resin is 30/70 to 70/30, and the curing agent is contained by 10 to 60 weight parts to 100 weight parts of the total of the vinyl chloride copolymer and the polyurethane resin. The invention also provides a magnetic recording medium comprising a non-magnetic underlayer and a back-coat layer, whereby a binder comprises a polyurethane resin having a group, which contains metal sulfamate.