A magnetic recording medium of the present invention comprises: a plastic substrate; and a cobalt-containing maghemite thin film formed on said substrate, containing cobalt at a molar ratio of cobalt to iron of not more than 0.06:1, and having either a spacing of a plane (311) of not more than 2.510 Å, a spacing of a plane (222) of not more than 2.415 Å or a spacing of a plane (220) of not more than 2.950 Å; and has a coercive force of not less than 2,000 Oe. Such magnetic recording medium suitably applicable to existent magnetic recording systems using a ring-type magnetic head and capable of using a plastic substrate for providing a magnetic recording medium for high-density recording.