A ferromagnetic metal thin film recording medium having a nonmagnetic substrate, a ferromagnetic metal thin film formed on the nonmagnetic substrate, a dry etched layer which is formed in a surface layer of the ferromagnetic metal thin film and contains oxygen atoms in a higher concentration than the remaining part of the ferromagnetic metal thin film, a hard carbonaceous film formed on the dry etched layer of the ferromagnetic metal thin film, a lubricant layer formed on said hard carbonaceous film, and optionally a modified layer which is formed on the hard carbonaceous film and has a thickness of less than 3 nm, and comprises carbon, nitrogen and oxygen atoms with an atomic ratio of nitrogen to carbon being at least 0.8%, which recording medium has improved running stability, durability and weatherability while maintaining electromagnetic conversion characteristics.