Magnetic recording medium

A magnetic recording medium comprising a nonmagnetic support and a magnetic layer formed on the support and containing a magnetic powder and a binder, wherein said magnetic powder comprises substantially spherical or ellipsoidal particles and at least one element selected from the group consisting of rare earth elements, silicon and aluminum, and has a Fe16N2 phase, an average particle size of 5 to 30 nm and an axis ratio (a ratio of a major axis to a minor axis) of 1 to 2. This magnetic recording medium achieves a high output and has excellent short wavelength recording properties, since it uses a magnetic powder having a very small particle size and has a very high coercive force and a saturation magnetization suitable for high density recording.