A magnetic recording medium includes: a substrate; a first underlayer; a second underlayer; and a magnetic layer including an alloy having a L10 type crystal structure with a (001) orientation. The substrate, the first underlayer the second underlayer, and the magnetic layer are stacked in this order. The first underlayer is a crystalline layer that includes W as a main component. The second underlayer is a crystalline layer that includes a material containing W as a main component and that includes an oxide. The content of the oxide in the second underlayer is in a range of from 2 mol % to 30 mol %. The oxide is an oxide of one or more kinds of elements selected from a group consisting of Cr, Mo, Nb, Ta, V, and W.