A magnetic recording medium includes: a substrate; an underlayer; a magnetic layer including an alloy having an L10 type crystal structure; and a protective layer, wherein the substrate, the underlayer, the magnetic layer, and the protective layer are stacked in the recited order. A pinning layer is further included between the magnetic layer and the protective layer, and the pinning layer includes a magnetic material including Co and includes at least one metal selected from the group consisting of Cu, Ag, Au, and Al.