A magnetic recording medium comprising a non-magnetic support; at least one lower magnetic layer containing magnetic powder and a binder resin, which is formed on one side of the non-magnetic support with or without a non-magnetic primer layer interposed between the non-magnetic support and the lower magnetic layer; at least one non-magnetic intermediate layer containing non-magnetic powder and a binder resin, which is formed on the lower magnetic layer; at least one upper magnetic layer containing magnetic powder and a binder resin, which is formed on the non-magnetic intermediate layer; and a back layer which is formed on the other side of the non-magnetic support, characterized in that the magnetic powder contained in the uppermost magnetic layer of the upper magnetic layer is iron type magnetic powder which comprises substantially spherical or ellipsoidal particles with a number-average particle diameter of 5 to 50 nm and an average axial ratio of 1 to 2, each of said particles containing iron or containing iron as a main component and a transition element; and that the total thickness of the magnetic recording medium is 6 μm or less. This magnetic recording medium has electromagnetic conversion characteristics which cannot be achieved by any of conventional magnetic recording media, and also is expected to have excellent magnetic serve characteristics.