The magnetic recording medium has a magnetic layer comprising ferromagnetic powder and binder on a nonmagnetic support, wherein the ferromagnetic powder is ferromagnetic hexagonal ferrite powder, and 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.