A magnetic recording medium comprising: a nonmagnetic support; an undercoat layer containing a compound polymerizable by radiation exposure; and a magnetic layer containing ferromagnetic powder and a binder, in this order wherein the undercoat layer has a thickness of from 0.1 to 1 μm, the binder contains a polyurethane resin having a glass transition temperature of from 100 to 200° C., the magnetic layer has a thickness of from 20 to 150 nm, and an average particle size of the ferromagnetic powder is from 20 to 60 nm.