The present disclosure provides a tape-shaped magnetic recording medium, including: a base; and a magnetic layer that is provided on the base and contains a magnetic powder, in which an average particle volume V of the magnetic powder is 2,000 nm3 or less, an average thickness of the magnetic recording medium is 5.3 μm or less, a thermal stability KuV/kBT of the magnetic recording medium is 60 or more, and a ratio Hrp/Hc1 of a residual coercive force Hrp of the magnetic recording medium measured using a pulsed magnetic field to a coercive force Hc1 of the magnetic recording medium in a perpendicular direction is 2.10 or less.