A magnetic recording medium with excellent high density recording performances and good durability comprising a non-magnetic substrate, a non-magnetic layer containing a non-magnetic powder and a binder formed on the non-magnetic substrate, and a magnetic layer having a thickness of less than 100 nm and containing a substantially particulate non-magnetic powder, a substantially particulate magnetic powder having an average particle size of less than 25 nm, and a binder, wherein an average particle size R of the non-magnetic powder contained in the magnetic layer and a thickness D of the magnetic powder satisfy the following relationship: 0.88≦R/D≦2.5.