A magnetic recording medium having a magnetic coating containing therein ferromagnetic metal powder provided on a base film, wherein the magnetic recording medium being characterized in that the surface roughness of the magnetic coating, i.e., the surface roughness R.sub.rms (a unit of measurement of .mu.m) with respect to a waveform having a wavelength P in a range of from 3 to 50 .mu.m out of groups of waveforms constituting the cross-sectional waveform of the surface of the magentic coating, satisfies the following equation:R.sub.rms .ltoreq.7.5.times.10.sup.-4 P+7.5.times.10.sup.-3where 3.ltoreq.P.ltoreq.50 .mu.m.