A method of recycling a disk recording medium includes the steps of retaining the disk recording medium in a liquid medium, the disk recording medium having a layered structure including a substrate, a dye layer, a reflective film, and a protective layer; radiating ultrasonic waves onto the disk recording medium such that the substrate and the reflective film are separated from each other; and bringing a solution into contact with the substrate separated from the reflective film such that the dye layer is separated from the substrate in order to recover the substrate, the solution dissolving the dye layer.