A method for producing a magnetic recording medium which results in the effective oblique orientation of magnetic fine particles without aggregation of the particles. The method results in a magnetic recording medium having an upper magnetic layer containing needle-shaped, granular, or plate-like magnetic particles, and at least one lower nonmagnetic layer formed on a nonmagnetic support so that the magnetic particles have the maximum degree of orientation in an oblique or perpendicular direction with respect to a surface of the support. The oblique or perpendicular orientation is performed in the wet state of a magnetic layer and in the condition in which the amount of the solvent residue in the upper magnetic layer is 40 to 80% after the upper magnetic layer and the lower nonmagnetic layer are applied sequentially or simultaneously to form a multilayer. The upper magnetic layer is formed so as to be thinner than the lower nonmagnetic layer and subjected to horizontal orientation with a plane of the surface of the support.