An aspect of the present invention relates to a magnetic recording medium comprising a magnetic layer comprising a ferromagnetic powder and a binder on one surface of a nonmagnetic support and a backcoat layer on the other surface of the nonmagnetic support, wherein a number of indentations equal to or greater than 20 nm in depth present on the magnetic layer surface is equal to or less than 100/10,000 μm2, a sol component ratio in the magnetic layer is equal to or less than 5.0 percent, and the support has an amount of heat absorption based on enthalpy relaxation ranging from 0.5 J/g to 2.0 J/g, and a glass transition temperature Tg ranging from 110° C. to 140° C. The present invention further relates to a method of reproducing magnetic signals and magnetic signal reproduction system in which the magnetic recording medium is employed.