A magnetic recording medium prepared by a process which comprises providing a nonmagnetic layer comprising a nonmagnetic powder and a binder on a nonmagnetic support, and then providing one or more magnetic layers containing at least a ferromagnetic powder and a binder on the nonmagnetic layer while the nonmagnetic layer is wet, wherein the thickness of the magnetic layer is from 0.07 to 0.20 µm, the magnetic layer comprises a resin curable by a polyisocyanate as a binder, the nonmagnetic layer is a layer cured by a polyisocyanate, and the ratio N/Fe in the magnetic layer is from 0.010 to 0.090 as determined by an X-ray photoelectric spectrophotometer;/and a magnetic recording medium comprising a nonmagnetic support having thereon a lower nonmagnetic layer comprising a nonmagnetic powder and a binder, and further thereon a magnetic layer comprising at least a ferromagnetic metal powder and a binder, wherein the magnetic layer has a thickness of from 0.07 to 0.20 µm, the magnetic layer has a maximum magnetic flux density Bm of from 3,700 to 6,000 G as measured in an external magnetic field of 10 kOe, the magnetic layer has a coercive force Hc of from 2,000 to 3,000 Oe, the magnetic layer has a center line surface roughness Ra of from 1.0 to 3.0 nm, and the nonmagnetic support has a center line surface roughness of from 0.5 to 7.0 nm on the side thereof to which the lower nonmagnetic layer is provided.