A magneto-optical recording medium is disclosed, which comprises a substrate, and a magnetic layer supported on the substrate, the magnetic layer comprising (1) a first magnetic layer comprising a magnetic oxide with perpendicular magnetic characteristics, having a saturation magnetization Ms of 100 Gauss or less and a coercive force Hc.sub.1 of 1 KOe or less, and (2) a second magnetic layer comprising a magnetic oxide having a thermal conductivity.times.of less than 0.3 cal/cm.sec..degree.C. and a light absorption coefficient .alpha. of 5.times.10.sup.3 cm.sup.-1 or more. This magneto-optical recording medium may further comprises an auxiliary production layer comprising a magnetic material, which is overlaid adjacent to the first magnetic layer.