Provided are a method of magnetic recording and reproducing capable of permitting high density recording on magnetic recording media even under the condition of high data transfer rates and yielding adequate recording and reproduction characteristics when an MR head is used in reproduction, and a magnetic recording medium capable of being used in this magnetic recording and reproducing method. The magnetic recording and reproducing method is a method for reproducing a signal magnetically recorded on a magnetic recording medium with a magnetoresistive (MR) head. The magnetic recording medium comprises a substantially nonmagnetic lower layer and a magnetic layer comprising a hexagonal ferrite ferromagnetic powder and a binder in this order on at least one side of a nonmagnetic support, in which said hexagonal ferrite ferromagnetic powder has a mean plate diameter ranging from 15 to 40 nm and a mean plate thickness ranging from 4 to 15 nm, and said magnetic layer has a coercive force Hc ranging from 143.3 to 318.4 kA/m, and said signal magnetically recorded has a maximum recording frequency ranging from 10 to 80 MHz.