Provided is a magnetic recording medium suitable for high density digital recording, in detail, a magnetic recording medium suitable for reproduction with an MR head. A magnetic recording medium comprising a nonmagnetic layer comprising a nonmagnetic powder and a binder and a magnetic layer comprising a ferromagnetic metal powder, a binder and a nonmagnetic powder provided in this order on a flexible nonmagnetic support. Said magnetic layer has an average thickness ranging from 0.01 to 0.2 &mgr;m, said ferromagnetic metal powder has a mean major axis length of less than 100 nm and a mean minor axis length of less than 20 nm, said nonmagnetic powder comprised in the magnetic layer is a granular or acicular nonmagnetic powder, the ratio of the mean particle size or minor axis length of said nonmagnetic powder to said mean minor axis length is higher than 0.2 and equal to or less than 2.5, and the maximum surface area of magnetic pinholes is equal to or less than 50% of a bit surface area.