A magnetic recording medium comprises a non-magnetic substrate and a magnetic layer, which is constituted of a thin ferromagnetic metal film and is overlaid upon at least either one of the surfaces of the non-magnetic substrate. A prime-coating layer, which contains a silicone resin having an aromatic hydrocarbon group, is formed between the non-magnetic substrate and the thin ferromagnetic metal film. The magnetic recording medium can be produced easily and at a low cost. The prime-coating layer has smooth surface characteristics and is free from deterioration of surface characteristics and the occurrence of cracking even during the formation of a magnetic layer thereon with a sputtering process, which is accompanied by heating of the substrate. Also, the prime-coating layer causes no blocking to occur and is uniform and capable of being subjected to a wet-on-wet coating technique.