Provided are a magnetic recording medium, in which a magnetic layer includes a ferromagnetic hexagonal ferrite powder, a binding agent, an oxide abrasive, an intensity ratio Int(110) / Int(114) obtained by an X-ray diffraction analysis of the magnetic layer by using an In-Plane method is 0.5 to 4.0, a vertical squareness ratio is 0.65 to 1.00, one or more kinds of component selected from the group consisting of fatty acid and fatty acid amide is contained in a magnetic layer side portion on the non-magnetic support, a C—H derived C concentration of the magnetic layer is 45 atom % to 65 atom %, and an average particle diameter of the oxide abrasive obtained from a secondary ion image obtained by irradiating the surface of the magnetic layer with a focused ion beam is 0.04 μm to 0.08 μm, and a magnetic recording and reproducing device including this magnetic recording medium.