A magnetic recording medium comprising a nonmagnetic support and a magnetic layer provided thereon is disclosed. The magnetic layer comprises a magnetic recording element and a binder, wherein the magnetic recording element mainly comprises acicular gamma-Fe.sub.2 O.sub.3 particles having an average porosity of not more than 5% by volume, a specific surface area of 24 to 30 m.sup.2 /g and the X-ray diffraction intensity at the face (210) to that at the face (311) of not more than 5%. The magnetic recording medium has improved electromagnetic conversion characteristics such as sensitivity and noise.