The magnetic coating composition for a magnetic recording medium comprises: (A) a compound denoted by formula (1) having a weight average molecular weight of equal to or less than 20,000: (A1-R2—S)n-R1—(P1)m  (1) wherein, in formula (1), R1 denotes an organic connecting group with a valence of (m+n); R2 denotes a single bond or divalent organic connecting group; A1 denotes a functional group selected from the group consisting of an acidic group, a basic group, and a hydroxyl group; m denotes an integer ranging from 1 to 8 and n denotes an integer ranging from 1 to 9, with m+n ranging from 3 to 10; each of n instances of A1 and R2 can be independently different or identical; P1 denotes a polymer backbone; and m instances of P1 can be identical or different; (B) binder; (C) ferromagnetic powder; and (D) solvent.