A magnetic layer is provided on a nonmagnetic base with a non-ferromagnetic layer interposed between them. Non-ferromagnetic particulate iron oxide is incorporated in the non-ferromagnetic layer. In addition to, or in place of, this iron oxide, non-structural carbon having a mean particle diameter of 10 to 60 nm, a specific surface area of 150 m2/g as measured by the BET method and a DBP oil absorption of 100 ml/100 g or less may be used. This makes it possible to achieve a magnetic recording medium having excellent surface properties and good-enough electromagnetic transducing characteristics.