A novel magnetic read/write system, in which a fixed MR head serves to read magnetically recorded data from a magnetic recording medium as it operates at a relative speed of 2.0 to 5.0 m/s with respect to the magnetic recording medium comprising a non-magnetic support and a magnetic layer. A fatty acid ester represented by general formula (I): where R1 is a hydrocarbon having 4 or less carbons, and R2 is a straight chain hydrocarbon having 12 or more carbons, exists between a read element of the MR head and the magnetic layer. This magnetic read/write system exhibits improved adherence to heads, running durability, and wear resistance of the tape in low temperature conditions as well as at room temperature.