A magnetic recording medium comprising a nonmagnetic substrate, a liquid lubricant-containing coating layer having a porosity (U) formed on the substrate, and a magnetic layer having a porosity (M) formed directly on the coating layer. The ratio of porosity (U/M) between the coating and magnetic layers is between 0.75 and 1.25. The volume percentage of the lubricant contained in the pores of the coating layer based on the whole pore volume in the coating layer is from 35 to 85%. This improves the durability of the magnetic layer.