There is disclosed a magnetic recording medium which are not only excellent in chemical and magnetic stability, durability and traveling reliability but also has a good time index function. The magnetic recording medium according to the present invention includes a non-magnetic substrate and a magnetic layer formed on the non-substrate, the magnetic layer being composed mainly of .gamma.--Fe.sub.2 O.sub.3 and having a coercive force of 25 to 33 KA/m, a residual magnetic flux density of not less than 130 mT and a thickness of 1.5 to 2.0 .mu.m, wherein the magnetic recording medium has a total thickness of not more than 6 .mu.m, and is capable of recording thereon and/or reproducing therefrom a low frequency signal.