A magnetic recording medium comprises a nonmagnetic support and a magnetic recording layer containing a ferromagnetic powder which is provided on the support. The magnetic recording layer contains a binder resin having a acid residue or a salt thereof and a fatty acid ester compound having the formula (I): ##STR1## wherein R is a hydrocarbon group having 11-21 carbon atoms, R.sup.1 is hydrogen atom or a hydrocarbon group having 1-3 carbon atoms, and R.sup.2 and R.sup.3 are the same or different and each is a hydrocarbon group having 1-8 carbon atoms. The total number of carbon atoms contained in R.sup.1, R.sup.2 and R.sup.3 being not less than 3 carbon atoms. Alternatively, the fatty acid ester can be coated on the magnetic layer.