A binder composition for a magnetic recording medium contains a vinyl copolymer having a structural unit of general formula [1]: wherein R1 is H, halogen, or methyl, L1 is a single bond or a divalent linking group, and Y is an alicyclic group; a structural unit of general formula [2]: wherein R2 is H, halogen, or methyl, L2 is a single bond or a divalent linking group, and Z is a hydrocarbon group with a carbon number of from 8 to 50; and a structural unit of general formula [3]: wherein R3 is H, halogen, or methyl, and L3 is a single bond or a divalent linking group.