A magnetic recording medium comprising a magnetic recording layer formed on a non-magnetic substrate by depositing a ferromagnetic metal or alloy on the substrate, the recording layer containing oxygen atoms in such a manner that the ratio thereof gradually reduces from the substrate side to the surface of the recording layer except the portion thereof very near to the surface thereof. The recording layer may comprise many deposited magnetic films, each containing oxygen atoms distributed as described above or uniformly in a ratio different from those in the other magnetic films. In the latter case, a magnetic film positioned nearer to the substrate contains a higher ratio of oxygen atoms.