A high recording density magnetic recording medium and a manufacturing method therefor are provided. The dilution stability during preparation of magnetic paint is improved and, thereby, even when the magnetic paint concentration is lowered, no problem occurs with the surface roughness and the output of the thin magnetic layer. The magnetic recording medium includes at least a magnetic layer on one surface of a non-magnetic support, wherein the magnetic layer contains a magnetic powder, a vinyl chloride resin having a degree of polymerization of at least 270 and an aliphatic polyester polyurethane resin to serve as binder resins, an aromatic compound having a substituent R (where R is --COOH, --(COOH).sub.2, --OPO(OH).sub.2, --PO(OH).sub.2, or --SO.sub.3H), and a phosphoric acid ester. The ratio of binder resins in the magnetic paint is set at 2.0 percent by weight or less relative to a total sum of the binder resins and a solvent.