A magnetic recording medium is used in a recording/reproduction apparatus having a shortest recording wavelength of not more than 75 nm, the magnetic recording medium including a recording layer that contains a powder of particles containing ε-iron oxide, in which a squareness ratio measured in a traveling direction of the magnetic recording medium is not more than 30%, a ratio (Dmax/Dmin) of an average longest diameter Dmax of the particles to an average shortest diameter Dmin of the particles satisfies a relationship of 1.0≤(Dmax/Dmin)≤1.1, an average thickness δmag of the recording layer is not more than 100 nm, and a ratio (δmag/Dmin) of the average thickness δmag of the recording layer to the average shortest diameter Dmin of the particles satisfies a relationship of δmag/Dmin≤5.