Disclosed is a magnetic recording medium having a magnetic layer composed mainly of a magnetic powder and a resin binder, wherein the magnetic layer comprises (a) an ester compound comprising (a-1) an ester compound represented by the following formula (1): ##STR1## wherein R stands for a branched alkyl group having 13 carbon atoms,(a-2) butyl stearate and (a-3) butoxyethyl stearate, and (b) carbon black comprising (b-1) carbon black having an average single particle size of 10 to 50 m.mu. and (b-2) carbon black having an average single particle size of 200 to 1,000 m.mu..This magnetic recording medium has an excellent durability and is utilized as a floppy disk or the like.