To provide a magnetic recording medium that has superior electromagnetic conversion characteristics and travel characteristics.

An inventive magnetic recording medium includes: a non-magnetic substrate; a non-magnetic layer formed on one principal surface of the non-magnetic substrate; and a magnetic layer formed on a principal surface on the side opposite to the non-magnetic substrate side, of the non-magnetic layer. Assuming that a Young's modulus of the non-magnetic substrate in the longitudinal direction thereof is not less than 5.0 GPa, a thickness of the non-magnetic substrate is not less than 3.9 μm, the residual magnetic flux density of the magnetic layer is Mr, and the average thickness of the magnetic layer is t, a formula, 0.0020 μT*m≤Mr*t≤0.0150 μT*m, is satisfied. Assuming that the average thickness of a first mixed layer formed on a surface on the side opposite to the non-magnetic layer side, of the magnetic layer is L1, a formula, 2 nm≤L1≤6 nm, is satisfied. Assuming that the ratio of a magnetic layer component contained in a second mixed layer formed on a surface on the non-magnetic layer side, of the magnetic layer is a magnetic layer component mixture ratio R, a formula, 0.07≤R≤0.30, is satisfied.