A method of manufacturing a paint composite for magnetic films which comprises a first step of grinding a mixture under a shear stress of 10-400 kg/cm.sup.2, the mixture consisting essentially of 100 parts by weight of a magnetic powder, 1.5-30 parts by weight of at least one polymer selected from the group consisting of polyvinylbutyral, polyvinylformal and polyvinyl acetate, 0.1-15 parts by weight of a filler, and 20-60 parts by weight of a solvent, the second step of adding 40-290 parts by weight of a solvent for said at least one polymer to the ground mixture and then grinding the resultant mixture, and a third step of adding 10-70 parts by weight of an epoxy resin, 10-70 parts by weight of a phenol resin and 0-450 parts by weight of a solvent for said polymer to the resultant mixture and further grinding the mixture.