The method is for manufacturing the magnetic recording medium in which a magnetic coating containing a ferromagnetic powder and a binder is applied on a nonmagnetic support. The magnetic coating includes: a magnetic liquid containing a ferromagnetic powder and a binder, and an abrasive liquid containing an abrasive and a solvent. The abrasive liquid may further contain the binder. The magnetic liquid and the abrasive liquid are each separately subjected to dispersion treatment, then the abrasive liquid is filtered, and then the magnetic liquid and the abrasive liquid are mixed. The obtained magnetic recording medium has a smooth magnetic layer surface, good electromagnetic conversion properties and excellent running durability and shows little wear of a head.