Magnetic recording medium

A magnetic recording medium comprising a support having thereon a magnetic recording layer comprising a binder and a ferromagnetic alloy powder, said magnetic recording layer having a coercive force of about 700 to 1500 oersteds in the oriented direction of the ferromagnetic powder and a residual magnetic flux density of about 1500 gausses or higher, the residual magnetic flux density of which after storage for 160 hours in an atomosphere of 60.degree. C and 90% RH is 85% or higher of the initial value thereof before said storage, and said ferromagnetic alloy powder comprising the reaction product of reducing a mixed solution containing Fe, Co and Cr ions with a borohydride compound reducing agent, said mixed solution containing metal ions ranging from 0.01 to 0.5 mole/liter in concentration, such that said ferromagnetic alloy powder comprises about 65 to 89% Fe, about 7 to 34% Co, and about 0.5 to 5% Cr, said percentages being by weight.