A compact relativistic magnetron with axial microwave radiation is experimentally investigated. Under the modified magnetic field distribution, only connecting a special horn antenna in the axial direction, the relativistic magnetron can stably radiate high power and high efficiency microwaves. The total length of the device is $0.3 m, and the volume is $0.014m 3 . In such working condition that the applied voltage is 539 kV and the magnetic field is $0.38 T, the output microwave power is $1.24 GW. Correspondingly, the total efficiency is about 34.1%. The radiating frequency is 2.35GHz, which is in agreement with the p mode frequency of the theoretical expectation.