In the method for producing a magnetic recording medium having a nonmagnetic substrate coated with a magnetic coating material containing a ferromagnetic powder and a binder, the magnetic coating material contains a liquid A constituted by the ferromagnetic powder and a solvent, and a solution B of the binder, and the liquid A and the solution B are mixed together by a thin-layer revolving-type fast stirring apparatus, and are thereafter subjected to dispersion processing. Thereby, coagulated particles of the ferromagnetic powder can be dispersed and the coagulation of the ferromagnetic powder can be prevented, thus making it possible to obtain a liquid of ferromagnetic powder with uniform adsorption of the binder. As a result, a magnetic coating material suitable for a low-noise high-density coating-type magnetic recording medium is obtained.