A magnetic recording medium has a non-magnetic layer and a magnetic layer formed in that order on one surface of a non-magnetic support and a back coat layer formed on the other surface of the non-magnetic support. The non-magnetic layer is formed so as to include at least one of α-iron oxide and α-iron hydroxide. The magnetic layer is formed so as to include a ferromagnetic alloy powder. The back coat layer is formed so as to include carbon black, and barium sulfate. At least one of the non-magnetic layer and the magnetic layer includes lubricant. The layers are formed so that the amount of SO42− eluted when the magnetic recording medium is immersed in water at 70° C. is in a range of 300 ppm to 600 ppm inclusive relative to the weight of the magnetic recording medium.