An aspect of the present invention relates to a magnetic recording medium comprising a nonmagnetic layer containing a nonmagnetic powder and a binder and a magnetic layer containing a ferromagnetic powder and a binder in this order on a nonmagnetic support, wherein the binder of the magnetic layer is a mixture of a vinyl chloride copolymer, polyurethane resin, and polyisocyanate, the polyurethane resin having a glass transition temperature ranging from 90 to 130° C. and a storage elastic modulus at 80° C. ranging from 2.5 to 5.0 GPa, the nonmagnetic layer is a radiation-cured layer formed by curing with radiation a radiation-curable composition comprising a nonmagnetic powder and a binder component, the binder component comprising a radiation-curable vinyl chloride copolymer and a radiation-curable polyurethane resin, and the radiation-curable vinyl chloride copolymer and radiation-curable polyurethane resin both have glass transition temperatures ranging from 30 to 100° C.