To provide a magnetic recording medium having considerably improved electromagnetic transducing characteristics, especially high density recording characteristics and considerably improved S-N ratio especially in a high density recording region.

This discoid magnetic recording medium has a magnetic layer consisting essentially of ferromagnetic hexagonal ferrite powder of hexagonal platy particles and a resin binder on the substrate. The hexagonal ferrite powder has 10-60 nm average particle diameter and a plate ratio (ratio of the average particle diameter to the average thickness of particles) of 2.0-5.0. The squareness ratio SQ of the magnetic layer in the intrasurface direction is ≥0.53 and the coercive force Hc of the magnetic layer is ≥1,800 Oe.