The magnetic tape has a nonmagnetic layer containing nonmagnetic powder and binder on a nonmagnetic support and a magnetic layer containing ferromagnetic powder and binder on the nonmagnetic layer, wherein a fatty acid ester is contained in at least the magnetic layer, the ferromagnetic powder is ferromagnetic hexagonal ferrite powder, the ferromagnetic hexagonal ferrite powder has a crystallite volume as determined by X-ray diffraction analysis ranges from 1,000 nm3 to 2,400 nm3, and a ratio of the crystallite size Dx(107) obtained from a diffraction peak of a (107) plane to a particle size in a direction of an easy axis of magnetization DTEM as determined by observation with a transmission electron microscope, Dx(107)/DTEM, is greater than or equal to 1.1, and ΔSFD in a longitudinal direction of the magnetic tape as calculated with Equation 1: ΔSFD=SFD25° C.−SFD−190° C., ranges from 0.50 to 1.60.