The gas components in thermoplastic norbornene resin pellets are suppressed below certain levels by drying the resin under vacuum or under the ordinary pressure and under vacuum. A substrate for magnetic recording media is manufactured by injection-molding the resin dried by the method according to the invention. The magnetic recording medium, employing the substrate manufactured according to the invention, includes at least a magnetic layer, a protection layer on the magnetic layer and a liquid lubricant layer on the protection layer. The magnetic recording medium is manufactured by forming these layers, one after another, on the substrate according to the invention.