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 including a polyester as a main component, a base layer disposed on the substrate, a magnetic layer disposed on the base layer, and a back layer disposed on a side of the substrate opposite to the base layer. A surface of the back layer opposite to the substrate has a kurtosis of 2.0 or more. On a 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 10 or more and 200 or less per 1600 μm2. A surface of the magnetic layer has arithmetic average roughness Ra of 2.5 nm or less. The entire magnetic recording medium has a BET specific surface area of 3.5 m2/g or more in a state where the lubricant has been removed from the magnetic recording medium and the magnetic recording medium has been dried.