A magnetic recording medium for high density recording comprising a support having thereon a magnetic recording layer comprising a ferromagnetic metal powder of the Fe-Co-Cr-B system and having a coercive force of about 700 to 1500 orsteds in the oriented direction of the magnetic substance and a residual magnetic flux density of about 1500 gauses or more, the residual magnetic flux density of which after storage for 160 hours under the conditions of a temperature of 60.degree. C and 90%RH is 85% or more of the initial value thereof before storage under these conditions in a binder. The magnetic recording medium is especially suitable for high density recording, having sufficient sensitivity and excellent resistance.