A magnetic recording medium comprises: a support; an underlayer containing a non-magnetic powder and a binder; and at least one magnetic layer containing a binder and one of a ferromagnetic metal powder having an average major axis of 0.01 &mgr;m to 0.10 &mgr;m and a crystallite size of 80 Å to 180 Å and a ferromagnetic hexagonal ferrite powder having an average tabular diameter of 5 nm to 40 nm, wherein the magnetic layer has a thickness of 0.01 &mgr;m to 0.5 &mgr;m, and the binder in the magnetic layer comprises a (meth)acrylate copolymer having hydrophilic polar groups and comprising 0 to 75% by weight of alkyl (meth)acrylate units, 5 to 80% by weight of benzene ring-containing (meth)acrylate units and 1 to 75% by weight of nitrogen-containing radical polymerizable monomer units.