The magnetic recording medium includes: a non-magnetic support; and a magnetic layer including ferromagnetic powder, in which the magnetic layer includes a compound having a salt structure, and the salt structure is an ammonium salt structure of an alkyl ester anion represented by the following Formula 1. In Formula 1, R represents an alkyl group having 7 or more carbon atoms or a fluorinated alkyl group having 7 or more carbon atoms, Z+ represents an ammonium cation, and a water contact angle on a surface of the magnetic layer is 80° or more and less than 100°. A magnetic recording and reproducing apparatus includes the magnetic recording medium.