A magnetic recording medium comprising a non-magnetic support having at least two magnetic layers formed thereon, the at least two magnetic layers being formed by providing, in sequence, a first magnetic layer containing first ferromagnetic powder and a first binder on a surface of the non-magnetic support and then providing a second magnetic layer containing a second binder and second ferromagnetic powder while the first layer is in a wet state, the first magnetic layer containing the first binder in an amount of 10 to 27 parts by weight based on 100 parts by weight of the first ferromagnetic powder, the second magnetic layer containing the second binder in an amount of 14 to 30 parts by weight based on 100 parts by weight of the second ferromagnetic powder, the amount of the first binder contained in the first magnetic layer being smaller than that of the second binder contained in the second magnetic layer with a difference therebetween being from 0.5 to 10 parts by weight, and a ratio (A/B) of a dry thickness (A) of the first magnetic layer to a dry thickness (B) of the second magnetic layer being from 0.5 to 3.2. The magnetic recording medium is excellent in electromagnetic conversion characteristics and running stability.