Provided is a magnetic recording medium including: a recording layer containing a powder of particles containing ε iron oxide, in which a ratio ((Hc(50)/Hc(25))×100) of a coercive force Hc(50) measured in a thickness direction of the magnetic recording medium at 50° C. and a coercive force Hc(25) measured in the thickness direction of the magnetic recording medium at 25° C. is 95% or greater, the coercive force Hc(25) is 200 kA/m or greater, and a squareness ratio measured in a transport direction of the magnetic recording medium is 30% or less.