A magnetic recording medium, which comprises: a nonmagnetic support; and a magnetic layer comprising a ferromagnetic powder and a binder, wherein an average surface roughness (Ra) at a center of a surface of the magnetic layer measured by using an atomic force microscope (AFM) is 2 nm or less, the maximum height (Rmax) thereof is 50 nm or less, and an arithmetic average of phase difference between a drive signal and a response signal of a probe measured with the atomic force microscope in a tapping mode is from 2 to 20°, and a method of producing the same.