A magnetic recording medium includes: a non-magnetic support; a lower non-magnetic layer; and a magnetic layer containing a ferromagnetic powder and a binder, in this order, wherein the magnetic layer has a coercive force of 2,500 to 3,500 oersted (197.5 to 276.5 kA/m), and a squareness ratio of 0.70 to 0.85 in a length direction thereof, and the binder in the magnetic layer is a urethane resin having a glass transition temperature Tg of 70° C. or higher.