A magnetic recording medium is described, comprising a nonmagnetic support having thereon a single magnetic layer or plural magnetic layers containing ferromagnetic particles dispersed in a binder, wherein said ferromagnetic particles are ferromagnetic particles of the magnetic iron oxide type having an adsorption amount of stearic acid of from 3.times.10.sup.-6 to 6.times.10.sup.-6 mol/m.sup.2 per a surface area thereof; said binder contains at least one polymer having at least one polar group selected from the group consisting of --SO.sub.3 M, --OSO.sub.3 M, --OPO(OM').sub.2, --COOM and --PO(OM').sub.2, in which M represents Na, Li, K, a hydrogen atom, NR.sub.4 or NHR.sub.3, M' represents Na, Li, K, a hydrogen atom, NR.sub.4, NHR.sub.3 or an alkyl group, and R.sub.3 and R.sub.4 represent a lower alkyl group; and said magnetic layer further contains at least one fatty acid.