A magnetic recording medium constructed in accordance with the invention comprises a substrate, first, second and third underlayers formed over the substrate, and a magnetic data recording layer formed over the underlayers. The underlayers typically have a bcc crystal structure, and comprise Cr or Cr alloys. The magnetic data recording layer has a hcp crystal structure and comprises a Co alloy. The second underlayer typically comprises a material such as B, which tends to reduce the crystal size of the second underlayer and the layers deposited thereon, and also to increase crystal spacing.