Provided is a magnetic recording medium including: a non-magnetic support; and a magnetic layer including particles of at least one kind of epsilon type iron oxide-based compound selected from the group consisting of ε-Fe2O3 and a compound represented by Formula (1), and a binding agent, at least on one surface of the non-magnetic support, in which an average area Sdc of a magnetic cluster in a DC demagnetization state measured with a magnetic force microscope satisfies a relationship of 500 nm2