Embodiments of the present invention provide a magnetic recording medium for use in high-reliable magnetic recording apparatus capable of reading/writing information with high density. In one embodiment, a magnetic recording apparatus includes a magnetic recording medium, a driver for driving the medium in a recording direction, a compound type magnetic head having an electromagnetic induction type magnetic head for recording and a spin-valve type magnetic head for reading in combination, a mechanism to move the head relative to the medium, and a read/write signal processing module for the head. The magnetic recording medium has a magnetic layer formed by way of a first underlayer, a second underlayer and a third underlayer on a substrate. The first underlayer comprises an alloy of an amorphous structure, the second underlayer comprises a W element or a W-containing alloy layer, the third underlayer comprises one or more Cr-based alloy layers of a body-centered cubic structure, and the magnetic layer comprises one or more Co-based alloy layers of a hexagonal close-packed structure.