The magnetic recording medium comprises a magnetic layer comprising ferromagnetic powder and binder on a nonmagnetic support, and further comprises a compound denoted by Formula (1): wherein, in Formula (1), X denotes —O—, —S—, or NR1—; each of R and R1 independently denotes a hydrogen atom or a monovalent substituent; L denotes a divalent connecting group; Z denotes a partial structure of valence n comprising at least one group selected from the group consisting of carboxyl groups and carboxylate groups; m denotes an integer of greater than or equal to 2, and n denotes an integer of greater than or equal to 1.