A magnetic recording medium comprising: a plastic substrate; a nickel oxide underlayer formed on said substrate; and a cobalt-containing maghemite thin film formed on said nickel oxide underlayer, containing cobalt at a molar ratio of cobalt to iron of 0.01:1 to 0.1:1, 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, a ratio value of an X-ray diffraction pattern peak intensity of either of the planes (311), (222) and (220) of said cobalt-containing maghemite thin film to an X-ray diffraction pattern peak intensity of the plane (400) thereof being more than 0.5. 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.