A magnetic recording medium is described, comprising a non-magnetic support having thereon a first magnetic layer comprising at least about 1.0 part by weight of carbon black having an average primary particle diameter of from about 20 to 80 m.mu., per 100 parts by weight of magnetic particles contained in the first magnetic layer; and on the first magnetic layer, a second magnetic layer containing from about 0.1 to less than 1.0 part by weight of carbon black having an average primary particle diameter of from about 20 to 150 m.mu., per 100 parts by weight of magnetic particles contained in the second magnetic layer. The medium has excellent electromagnetic characteristics, running durability and heat resistance.