Provided is a magnetic recording medium exhibiting good electromagnetic characteristics in high-density recording The magnetic recording medium employed for magnetically recording signals with a track width equal to or less than 2.0 μm and reproducing the magnetically recorded signals, wherein said magnetic recording medium comprises a magnetic layer comprising a hexagonal ferrite ferromagnetic powder and a binder or comprises a nonmagnetic layer comprise a nonmagnetic powder and a binder and a magnetic layer comprising a hexagonal ferrite ferromagnetic powder and a binder in this order on a nonmagnetic support. Said magnetic layer has a thickness equal to or less than 0.2 μm, and said hexagonal ferrite ferromagnetic powder has an average plate diameter being 1/30 or less of the magnetically recorded track width as well as ½ or less of the thickness of the magnetic layer.