A heat-assisted magnetic recording medium includes: a substrate; an underlayer; and a magnetic layer including an alloy having an L10 structure, wherein the underlayer includes, from the substrate side, a bcc underlayer including a substance having a bcc structure, a first oxide layer that is in contact with the bcc underlayer, and a second oxide layer that is in contact with the magnetic layer. The bcc underlayer, the first oxide layer, and the second oxide layer are stacked in the recited order. The first oxide layer and the second oxide layer include magnesium oxide, and the second oxide layer further includes one or more compounds selected from the group consisting of vanadium oxide, vanadium nitride, and vanadium carbide.