A magnetic recording medium having excellent electromagnetic characteristics, still characteristics and cupping, decreased rust generation and high durability, includes a non-magnetic substrate and a magnetic layer formed thereon by oblique deposition, the magnetic layer being composed of at least two ferromagnetic thin films, in which the ferromagnetic thin film of the lowest layer has a saturation magnetization of 300 emu/cc or less, a coercive force of 1000 Oe or less and a thickness of 300 to 1500 .ANG., the ferromagnetic thin layer of the uppermost layer has a saturation magnetization of 300 emu/cc or more, a coercive force of 1000 Oe or more and a thickness of 400 to 1500 .ANG., an average value (.theta.) of angles between growing directions of columnar crystalline particles constituting the ferromagnetic thin film of the lowest layer and a principal plane of the substrate ranges from 50 to 70 degrees, and an average value (.theta.) of angles between growing directions of columnar crystalline particles constituting the ferromagnetic thin film of the uppermost layer and the principal plane of the substrate ranges from 30 to 50 degrees.