A magnetic recording medium that can exhibit good traveling performance during use is provided. This magnetic recording medium is a tape-shaped magnetic recording medium, and includes a substrate, a base layer disposed on the substrate, and a magnetic layer disposed on the base layer. On the surface of the magnetic layer, recesses having a depth of 20% or more of the average thickness of the magnetic layer are formed at a ratio of 20 or more and 200 or less per 1600 μm2. On the surface of the magnetic layer, a logarithmic decay rate determined by a pendulum viscoelasticity test at a temperature of 10° C. or higher and 45° C. or lower is 0.025 or more and 0.035 or less. A difference between a maximum value of the logarithmic decay rate and a minimum value of the logarithmic decay rate is 0 or more and 0.020 or less. The squareness ratio in the perpendicular direction is 65% or more. The average thickness of the magnetic layer is 80 nm or less. The average thickness of the magnetic recording medium is 5.6 μm or less.