A ferromagnetic metal powder for magnetic recording containing iron as the main constituent and MAl2O4 (wherein M is a transition metal), wherein the coercive force (Hc) thereof is from 135 to 240 kA/m, the saturation magnetization (&sgr;s) is from 100 to 150 A·m2/kg, the average major axis length of the particles thereof is from 30 to 80 nm, the average acicular ratio of the particles is from 4.0 to 8.0, and the variation coefficient of the major axis lengths is from 3 to 25%. A magnetic recording medium having on a support a non-magnetic layer and at least a magnetic layer containing the above-described ferromagnetic metal powder, said medium has good short wavelength output and good S/N.