The adsorption conformation of the magnetic powder and binder resins in the dispersion process was investigated to clarify the mechanism of kneading dispersion. A planetary Mixer was used for the kneading dispersion. The adsorption conformation was investigated by the dispersibility of magnetic paint, the quantitative ratio of the removed binder resin from the magnetic powder, the number of the no-absorbed sites on the magnetic powder, and the number of adsorption sites in the binder resin. These results lead the following conclusions. Although the amount of the adsorbed resin is almost determined at the beginning of the kneading because there are few adsorption sites in the resin adsorbed on the magnetic powder, the bonding power between the magnetic powder and the binder resin in weak. As the kneading dispersion progresses, the number of the adsorbed sites in one resin molecule increases and the bonding power between the magnetic powder and the binder resin becomes strong.