A method of manufacturing a magnetic recording medium by using an in-line sputtering apparatus to successively form, on a substrate, at least one underlying layer, a first magnetic CoPt-based film, a nonmagnetic intermediate film, and a second magnetic CoPt-based film. The underlying film and/or the nonmagnetic film, which are in contact with the first magnetic film, are deposited at a low sputtering power between 100 and 1000 watts to improve the magnetic properties of the magnetic recording medium. Low power sputtering is also effective to improve the distribution of difference of the crystal lattice spacings between the nonmagnetic intermediate film and the first magnetic film and between the underlying layer and the first magnetic film.