A magnetic recording medium is disclosed, comprising a support having provided thereon a magnetic layer containing a ferromagnetic powder and a binder as main components, wherein the ferromagnetic powder is a hexagonal ferrite powder having an average tabular diameter of from 15 to 40 nm, the perpendicular factor of squareness ratio SQ of the magnetic layer is from 0.1 to 0.55, the specific surface area and the total pore volume per weight of the magnetic layer by a nitrogen adsorption method are from 0.1 to 50 m2/g and from 0.001 to 1 ml/g, respectively, and the magnetic layer thickness is from 0.02 to 0.3 &mgr;m.