A magnetic recording medium having good high density recording characteristics is produced by forming a magnetic layer on a substrate which is traveling around a peripheral surface of a cylindrical can by an oblique vapor deposition method to form a magnetic layer comprising cobalt, an axis of easy magnetization of which inclined from a line normal to the layer plane. A residual gas pressure in an initial region of the formation of the magnetic layer is kept as low as possible, in particular, the residual gas pressure in the initial region of the formation of the magnetic layer is lower than in the other part of the production apparatus.