A magnetic recording medium, produced by preparing a resin solution for magnetic paint containing a mixture of a radiation curable resin modified copolymer of (A) vinyl chloride, (B) a vinyl carboxylate, (C) vinyl alcohol, (D) an unsaturated carboxylic acid and (E) an unsaturated carboxylic anhydride, containing 50 to 90% by weight of (A) based on the total of the amounts of (A), (B) and (C), 0 to 30% by weight of (E) based on the total of the amounts of (D) and (E), and 1 to 5 parts by weight of the total of (D) and (E) based on 100 parts by weight of the total of (A), (B) and (C) and having an average polymerization degree of 100 to 400 and an other radiation curable resin, and a magnetic powder, applying the resultant magnetic paint to a nonmagnetic substrate, and curing the applied layer of paint with radiation.