Disclosed is a process for producing a magnetic recording medium comprising subjecting a ferromagnetic metal thin film formed on a non-magnetic support by vacuum film formation to a high humidity treatment in an atmosphere of from 50 to 90% RH at a temperature of from 10.degree. to 50.degree. C. and then applying a lubricant having a polar group in the molecule thereof to the thus treated ferromagnetic metal thin film, and a magnetic recording medium comprising a non-magnetic support having thereon a ferromagnetic metal thin film, wherein the ferromagnetic metal thin film has provided thereon a double lubricant layer comprising (i) a lower layer comprising a polar group-containing perfluoropolyether and (ii) an upper layer comprising a perfluoropolyether having no polar group, the polar group-containing perfluoropolyether has a viscosity of from 200 to 1000 cSt at room temperature and the perfluoropolyether having no polar group has a viscosity of 50 cSt or less at room temperature.