This invention provides a magnetic recording medium having a magnetic thin film made of magnetic metal grains and a nonmagnetic matrix, wherein the hardness of the nonmagnetic matrix is larger than that of the magnetic metal grains, the magnetic metal grains have shape magnetic anisotropy and magneto-crystalline anisotropy, and in the nonmagnetic matrix the content of a magnetic metal element in a central portion between the magnetic metal grains is 20 atomic % or less. This invention also provides a magnetic recording/reproduction apparatus including a magnetic recording medium consisting of a nonmagnetic matrix, which is continuously present in the direction of film thickness and the in-plane direction of a magnetic thin film, and magnetic metal grains held in the nonmagnetic matrix, and a magnetic head for reproducing a signal from the magnetic recording medium by using a resistance change caused by a magnetic field.