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PROBLEM TO BE SOLVED : To provide a magnetic recording medium of a capacity as large as 0.2-2 Gbit/inch which has electromagnetic conversion characteristics, particularly, high-density recording characteristics improved greatly and also has superior run durability improved greatly. SOLUTION : In a magnetic recording medium in which a magnetic layer of ferromagnetic metal powder dispersed in a binder is set on a supporting body, the magnetic recording medium records signals of a surface recording density of 0.2-2 Gbit/inch . In this case, the magnetic layer has a dry thickness of 0.05-0.25 μm and Φm of 1.0×10 -8.0×10 emu/cm . The ferromagnetic metal powder mainly consists of Fe and Co, has an atomic ratio A of Al/(Fe+Co) of 4-15%, an atomic ratio B of a sum of rare earth/(Fe+Co)} of 1-8%, and an atomic ratio C of Mg/(Fe+Co) of 0.05-3.0%.