A magnetic recording medium is disclosed, which has excellent electro-magnetic conversion characteristics and is improved in drop-out. The magnetic recording medium comprises a non-magnetic support and a plurality of magnetic layers provided on the support, and the magnetic layer being provided farthest from said support among these magnetic layers comprises a magnetic powder and a carbon black in an amount of not more than 1 part per 100 parts by weight of said magnetic powder; and another magnetic layer comprising a magnetic powder has a thickness of not more than 2.5 .mu.m, and 900 nm light-transmittance of said magnetic medium is not more than 0.1%.