A method of making a magneto-optical recording medium comprises the steps of moving a rotating substrate along a first dielectric target, at least one rare earth metal target, and a second dielectric target which are disposed in this order from an upstream side toward the downstream side in an in-line sputtering apparatus, and carrying out simultaneous sputtering on the substrate in the course of the movement of the substrate by use of the first dielectric target and the rare earth metal target. Thereafter, sputtering is carried out on the substrate by use of the rare earth metal target. Then, simultaneous sputtering is carried out on the substrate by use of the rare earth metal target and the second dielectric target.