Magnetic recording medium

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A magnetic recording medium comprising a non-magnetic supporting body and a magnetic layer on the non-magnetic supporting body containing a magnetic powder and a binder is disclosed. A magnetic powder which contains, as the constituent elements at least one element selected from the group consisting of rare earth elements, silicon and aluminum, as well as iron and nitrogen, and has a Fe16N2 phase is used as the magnetic powder. Particles of the magnetic powder are generally spherical or elliptic, and have an average particle diameter of 5-30 nm and an axial ratio (major diameter/minor diameter) of 1-2. The magnetic recording medium has a high output and excellent short wavelength recording characteristics by using the magnetic powder which is extremely small in grain size and has extremely high coercivity and saturation magnetization most suitable for high-density recording.