A magnetic recording medium is disclosed, which is improved in electromagnetic conversion properties. The recording medium comprises a support, an uppermost magnetic mayer being provided on the support and one or more lower magnetic layers being provided between the support and the uppermost magnetic layer, in which the uppermost magnetic layer comprises a binder and a hexagonal magnetic powder and has a layer thickness of from 0.1 .mu.m to 1.0 .mu.m, and at least one of the lower magnetic layer comprises a binder having a anionic functional group and a magnetic powder, and has a coercive force of from 500 Oe to 1200 Oe, and the uppermost magnetic layer and the lower layer were formed on the support by wet-on-wet simultaneous multi-layer coating.