The invention is intended to provide a magnetic recording medium suitable for longitudinal recording, which has low medium noise and high coercivity. A magnetic recording medium includes a substrate 1 and a magnetic layer 2 formed on the substrate 1. The magnetic layer 2 consists of a mixture of a magnetic alloy and a non-magnetic compound. The magnetic alloy is Co-based, Fe-based, or CoFe-based, and the non-magnetic compound is selected from a group consisting of oxides and nitrides. The volume percentage of the non-magnetic compound in the entire volume of the mixed magnetic alloy and non-magnetic compound is preferably not less than about 2% and not more than about 30%.