A magnetic recording medium is provided which is contaminated less and improved in magnetic properties. The process for producing a magnetic recording medium having a recording layer constituted of magnetic granule portions dispersed in a nonmagnetic matrix portion comprises a first step of forming, on a base body, a nonmagnetic matrix portion, and Cu or Ag granule portions dispersed therein by a gas-phase deposition method, a second step of laminating magnetic granule portions on the Cu or Ag granule portions and laminating an additional nonmagnetic matrix portion on the nonmagnetic matrix portion formed in the first step, and a third step of heat-treating the laminate.