The present invention relates to a magnetic recording medium comprising a magnetic layer comprising a hexagonal ferrite powder and a binder on one surface of a nonmagnetic support and a backcoat layer on the other surface of the nonmagnetic support. A power spectrum density at a pitch of 10 micrometers ranges from 800 to 10,000 nm3 on the magnetic layer surface, a power spectrum density at a pitch of 10 micrometers ranges from 20,000 to 80,000 nm3 on the backcoat layer surface, the magnetic layer has a center surface average surface roughness Ra, as measured by an atomic force microscope, ranging from 0.5 to 2.5 nm, and the hexagonal ferrite powder has an average plate diameter ranging from 10 to 40 nm.