A magnetic recording medium consists of a non-magnetic base, on which the magnetic coating is a layer of a dispersion, containing a lubricant, of a magnetic pigment in a polymeric binder. The lubricant is a block copolymer which contains siloxane units and alkyleneoxy units of 2 to 4 carbon atoms, the alkyleneoxy units being bonded to the polysiloxane radical through a Si--O--C or Si--C group. The use of this lubricant gives a magnetic recording medium which has the advantages of good fluid lubrication and an excellent coefficient of friction which does not vary with time.