The problem of rusting relating to a magnetic recording medium composed of a non-magnetic base and a magnetic recording layer of a ferromagnetic metal layer formed thereon is overcome by a magnetic recording medium comprising a non-magnetic support, a ferromagnetic metal thin film as a magnetic recording layer and a lubricating layer, wherein the lubricating layer contains a mixture of a first lubricant having a polar perfluoro radial and a second lubricant expressed by the following formula: ##STR1## where R is a divalent radical having 2 or fewer carbons atoms;D is a polar radical selected from phosphorus-containing radical, hydroxyl, carboxyl and esterified carboxyl;R.sup.1 is selected from F, CF.sub.3 and C.sub.2 F.sub.5 ; andR.sup.2 and R.sub.3 are selected from F, CF.sub.3 and C.sub.2 F.sub.5, CF(CF.sub.3).sub.2 and C(CF.sub.3).sub.3.