The magnetic recording medium has a magnetic layer containing multiple nonmagnetic particles having a ratio, major axis length/minor axis length, of less than or equal to 1.5, the multiple nonmagnetic particles are present in the magnetic layer in a state where, when the depth to which each of the multiple nonmagnetic particles is embedded in the magnetic layer in observation of a sectional image picked up by SEM is denoted as b and the thickness of the magnetic layer as t, the average value of the ratio of b/t is less than or equal to 0.9, and the number of protrusions 5 nm or greater in height is 800 or greater and the number of protrusions 20 nm or greater in height is 20 or less as measured by AFM per an area 40 μm×40 μm on the magnetic layer side surface of the magnetic recording medium.