To provide a magnetic recording medium, which exhibits superior practical characteristics such as head abrasion resistance, a superior cost efficiency and electromagnetic transducing properties comparable to a metallic thin-film type.

A magnetic recording medium is formed by forming a coating layer, containing ferromagnetic metallic powder on a non-magnetic support. The ferromagnetic power is Al-doped hematite of 0.04-0.20μm average long axis length and 3-8 acicular ratio, or hematite of 0.03-0.15μm average long axis length and 3-8 acicular ratio, which is obtained by surface treating the Al-doped hematite with an alloyable element and/or treating it for anti-firing. For example, a mixed solution of second iron salt and Al salt or each solutions is neutralized with alkaline metal hydroxide. A coprecipitated substance or each neutralized substance is washed with water, so that the concentration of the coexisting anion may be 500ppm or less. The substance is then matured at 40-80°C, a phosphate compound and an organic phosphonic acid compound are added as form-controlling agents to the substance, and the substance is subjected to a treatment such as heating at 120-200°C to form hematite. The hemathite is reduced and slowly oxidized to obtain a magnetic recording medium.