A magnetic recording material is provided which has high medium S/N, and provides excellent overwriting characteristic, excellent thermal fluctuation and sufficient stability against thermal fluctuation. In one embodiment, a first underlayer comprising one of alloys of a Ti—Co alloy, a Ti—Co—Ni alloy, and an Ni—Ta alloy, a second underlayer comprising a W—Co alloy or Ta, and a third underlayer of a body-centered cubic structure comprising a Cr—Ti—B alloy or a Cr—Ti alloy are disposed over a substrate. A first magnetic layer comprising a Co—Cr—B alloy or a Co—Cr—Ta alloy, a second magnetic layer comprising a Co—Cr—Pt—B—Ta alloy, a third magnetic layer comprising a Co—Cr—Pt—B alloy, and a protective film are disposed further thereover. An intermediate region (Th) is disposed between the second magnetic layer and the third magnetic layer, the intermediate region having a higher oxygen concentration than those of the magnetic layers.