Disclosed is a magnetic recording medium characterized in that plural magnetic layers are provided on a non-magnetic support, the uppermost layer of the magnetic layers contains a ferromagnetic metallic powder and/or a hexagonal system magnetic powder and a binder, at least one layer other than the uppermost layer contains Co-containing iron oxide and a binder, the film thickness of the uppermost layer is 0.5 .mu.m or less, and the surface of the uppermost layer of the magnetic layers has an R.sub.10z value of the magnetic layer defined below of 50 nm or less, by which electromagnetic conversion characteristics of a magnetic recording medium can be improved.