An aspect of the present invention relates to a magnetic tape comprising a magnetic layer containing a ferromagnetic powder and a binder on a nonmagnetic support, wherein the ferromagnetic powder is a hexagonal ferrite powder, squareness in a vertical direction without demagnetizing field correction of the magnetic layer ranges from 0.6 to 1.0, and the magnetic layer further comprises a compound in which a substituent selected from the group consisting of a carboxyl group and a hydroxyl group is directly substituted into a ring structure comprising a double bond and having a ClogP falling within a range of 2.3 to 5.5.