A magneto-optical recording medium has a transparent substrate, a first magnetic layer, first intermediate layer, a second magnetic layer, and a third magnetic layer provided in this order. The first magnetic layer has an in-plane magnetization at room temperature, while a transition from the in-plane magnetization to a perpendicular magnetization occurs to the first magnetic layer with a temperature rise. The first intermediate layer is made of a non-magnetic substance. The second magnetic layer is a film having a perpendicular magnetization. The third magnetic layer is a film having a perpendicular magnetization, has a coercive force smaller than that of the second magnetic layer at room temperature, and has a Curie temperature higher than that of the second magnetic layer. The light intensity modulation overwriting method is applicable to the magneto-optical recording medium thus arranged, superior reproduction signal characteristics can be obtained with respect to this magneto-optical recording medium, and reproduction can be carried out with respect to the recording medium even though it has recording bits whose each diameter is smaller than that of a light beam. Thus it is possible to provide the magneto-optical recording medium suitable for high density recording.