A method for producing a magnetic recording medium which comprises the steps of kneading and dispersing a ferromagnetic powder having a pH of at least 7, at least one member selected from the group consisting of an aromatic phosphoric acid or a derivative thereof, an aromatic phosphonic acid or a derivative thereof, and an aromatic sulfonic acid or a derivative thereof, and a vinyl chloride copolymer having an epoxy group and a hydroxyl group attached to an alkyl chain group, together with a solvent, and then optionally adding at least one additive thereto, and mixing to prepare a magnetic coating, applying the resulting magnetic coating to a non-magnetic support, drying the coating applied to the non-magnetic support, and thereafter subjecting the coating to a calender treatment, and then heat treating at 50.degree. to 90.degree. C. within 30 hours.