A magnetic recording medium includes a nonmagnetic support body, and a magnetic layer containing magnetic powder, in which the magnetic powder contains ε:Fe2O3 crystal (including a case of substituting a portion of Fe site with a metal element M), a product of residual magnetization and a thickness of the magnetic layer is from 0.5 mA to 6.0 mA, and a squareness ratio which is measured in a longitudinal direction of the magnetic layer is 0.3 or less.