A magnetic recording medium comprising a non-magnetic substrate and a magnetic layer and a protective layer which are formed on the non-magnetic substrate in that order, wherein a substance(s) as a single component or a plurality of components, which constitute a liquid continuously supplied to the surface of said protective layer, are adsorbed on or react with the surface of said protective layer to form a lubricating film having low frictional properties and low wearing-out properties. The present invention can realize negligible friction and wear resistance even in severe sliding at a very slightly kept-off or completely contacted state by continuous supply of a liquid lubricant prepared by adding a fluoro compound and an extreme pressure agent or an oiliness agent to a solvent to the surface of a disc, and can provide a magnetic recording reproducer having excellent sliding-resistant characteristics.