Disclosed is a magnetic recording medium which comprises; a substrate; a first magnetic layer applied on the surface of the substrate and having an easy axis of magnetization in the in-plane direction of the substrate; and a second magnetic layer applied on the surface of the first magnetic layer, formed of ferrite series powder represented by the formula;AO.n(Fe.sub.1-m M.sub.m).sub.2 O.sub.3(wherein A is at least one metallic element selected from the group consisting of Ba, Sr, Pb and Ca; M is at least one substituent component selected from the group consisting of Co, Ti, Ni, Mn, Cu, Zn, In, Ge and Nb; m is 0.08 to 0.2; and n is 5.4 to 6.0), and having an easy axis of magnetization in a direction perpendicular to the plane of the substrate; said first magnetic layer having a surface resistivity of 1.times.10.sup.2 to 1.times.10.sup.8 .OMEGA.. In another embodiment, a conductive layer having a surface resistivity of 1.times.10.sup.7 .OMEGA. or smaller may be interposed between the substrate and the first magnetic layer.