A magnetic recording medium which comprises a first magnetic layer on a base and a second magnetic layer thereon, the first magnetic layer containing magnetic particles having an average particle length (long axis diameter) of 0.4 to 0.7 .mu., the second magnetic layer containing magnetic particles having an average particle length (long axis diameter) of 0.25 to 0.35 .mu., the coercive force of which being 370 to 460 oersteds, and the ratio of coercive force of the upper or second layer to that of the lower or first magnetic layer being 1.05/l to 1.5/l. The magnetic recording medium has excellent sensitivity and frequency characteristics at entire frequency bands with less noise.