A magnetic recording medium comprising a nonmagnetic support having provided thereon a magnetic layer comprising a ferromagnetic powder dispersed in a binder, wherein said ferromagnetic powder has a specific surface area of 40 m.sup.2 /g or more as measured by the BET method; said magnetic layer further comprises carbon black having an average particle diameter of from about 20 to 120 m.mu.; and said binder comprises the combination of (1) a vinyl chloride resin containing a phosphate ester group represented by ##STR1## wherein M.sub.1 and M.sub.2, which may be the same or different, each represents Na, K, Li, H, N.sym.R.sub.3, or N.sym.HR.sub.2 wherein R represents an alkyl group or a hydrogen atom, and (2) at least one resin other than said vinyl chloride resin containing at least one of --SO.sub.3 M, --OSO.sub.2 M, --COOM, and ##STR2## wherein M, M.sub.1, and M.sub.2, which may be the same or different, each represents Na, K, Li, H, N.sup.4 .sym. R.sub.3, or N.sup..sym. HR.sub.2 wherein R represents an alkyl group or a hydrogen atom; provided that the weight ratio of said resin other than said vinyl chloride resin to said vinyl chloride resin is from about 0.4 to 2.5.