A process for preparing a magnetic recording medium utilizing an improved coating method. This coating method includes steps of coating a solvent of the same composition as that used in preparation of a magnetic coating solution or one compatible therewith on a continuously running non-magnetic support to prepare a precoat layer of the solvent, and then coating the magnetic recording solution on the precoat layer while the precoat layer is wet. This improved coating method prevents air from being entrained in the magnetic recording solution and thus permits to produce a very thin magnetic recording layer to be formed on the support with high efficiency.