In a magnetic recording medium which comprises a substrate (1), a magnetic layer (3) formed on the substrate, a carbon-based protection layer (4) comprising carbon and formed on the magnetic layer, and a lubrication layer (5) formed on the carbon-based protection layer, the carbon-based protection layer comprises a hydrogenated carbon protection layer (4a) facing the magnetic layer and a nitrogenated carbon protection layer (4b) facing the lubrication layer. The hydrogenated carbon protection layer (4a) comprises carbon and hydrogen. The nitrogenated carbon protection layer (4b) includes no hydrogen but comprises carbon and nitrogen.