Embodiments include a magnetic recording medium containing ε-type iron oxide particles and having excellent SNR, a manufacturing method of ε-type iron oxide particles, and a manufacturing method of a magnetic recording medium. High SNR is achieved by a magnetic recording medium containing ε-type iron oxide particles, in which a coefficient of variation of an aspect ratio of the ε-type iron oxide particles is equal to or smaller than 18%, and a squareness ratio of the magnetic recording medium measured in a longitudinal direction of the magnetic recording medium is higher than 0.3 and equal to or lower than 0.5. The object is also achieved by the application of the magnetic recording medium.