The magnetic recording medium composition contains ferromagnetic powder, binder, and a crosslinkable component selected from the group consisting of a component capable of forming a crosslinking structure by a radical reaction, a component capable of forming a crosslinking structure by an ionic reaction, and a component capable of forming a crosslinking structure by a pericyclic reaction, wherein the crosslinkable component contains at least polyester, and the polyester has a weight average molecular weight ranging from 1,000 to 20,000, as well as contains, per molecule, one or more acidic groups, and one or more reactive groups selected from the group consisting of a radical reactive group, an ionic reactive group, and a pericyclic reactive group.