A magnetic recording medium which comprises a first magnetic layer on a base and a second magnetic layer over the first magnetic layer, the second magnetic layer containing magnetic particles having an average particle length (long axis diameter) of not more than 0.35.mu. , with a coercive force of from 660 to 760 oersteds, and the ratio of the coercive force of the upper or second magnetic layer to that of the lower or first magnetic layer being 1.1/1 to 1.6/1. The resulting magnetic recording medium has excellent sensitivity and frequency characteristics over the entire frequency bands with less noise.