A magnetic recording medium includes at least one magnetic layer formed by dispersing a ferromagnetic powder in a binder, the ferromagnetic powder including at least one kind of rare earth metal element selected from Y or metal elements of lanthanide series and being constituted of acicular ferromagnetic alloy powder particles whose .sigma. s is in the range of 120 to 160 emu/g, whose average longitudinal axis length is in the range of 0.04 to 0.2 .mu.m and whose crystallite size is in the range of 100 to 300 angstroms, the magnetic layer including an abrasive agent whose average particle diameter is in the range of 0.03 to 0.3 .mu.m and containing carbon black having an average particle diameter of 50 to 300 m.mu.. The magnetic recording medium has an excellent electromagnetic conversion characteristics and, particularly, a good preservation capability and can prevent a magnetic head from being abraded.