This invention produces a magnetic recording medium by applying a magnetic paint for the formation of the magnetic layer and a paint for the formation of the backcoat layer severally to the nonmagnetic support, drying the applied layers of the paints, optionally subjecting the layers to a calendering treatment, performing a curing treatment on the layers thereby adjusting the surface of the backcoat layer to a surface roughness (Ra).sub.B in the range of 10 nm to 30 nm, and thereafter subjecting the surface of the backcoat layer subsequent to the curing treatment to a polishing treatment by the use of a lapping tape the abrasive layer of which has a surface roughness (Ra).sub.L in the range of 150 nm to 550 nm. In a preferred embodiment of this invention, the Mohs hardness of the abrasive grains contained in the abrasive layer is set within a prescribed range and the conditions of the curing treatment are fixed within prescribed ranges. The magnetic recording medium produced by this invention, therefore, never suffers the surface of the backcoat layer to sustain a scratch, provides thorough protection against the occurrence of instantaneous clogging and DO, and exhibits a veritably excellent running property (evinced particularly by the realization of low torque against the POM guide).