A magnetic recording medium comprising a nonmagnetic support and a magnetic recording layer provided on the support, wherein the magnetic recording layer contains a compound having a polar group (i.e., a carboxylic acid group, a carboxylic acid salt group, a sulfonic acid group or a sulfonic acid salt group) which is bonded to an aromatic ring directly or indirectly through a polymethylene group having not more than 4 carbon atoms or an unsaturated straight-chain hydrocarbon group having not more than 4 carbon atoms.