A method for manufacturing magnetic paint or non-magnetic paint, which can produce a magnetic recording medium having excellent surface smoothness by appropriately setting the condition of a dispersion process for improving the dispersibility of the paint, and a magnetic recording medium are provided. The magnetic paint or the non-magnetic paint is produced by performing a dispersion process of a mixed solution, in which a magnetic powder or a non-magnetic powder is mixed into a binder solution containing a binder and a solvent, with a medium dispersion device. The method includes the steps of adjusting the viscosity of the mixed solution to 1,500 cP or less on a BL type viscometer at 20 rpm basis, and performing a dispersion process with the medium dispersion device using dispersion media having an average particle diameter of 0.5 mm or less at a dispersion circumferential speed of 8 to 15 m/s.