A magnetic recording medium having sufficiently low noise and high coercive force suitable for use with a MR head. The magnetic recording medium comprises a non-magnetic substrate 1, a non-magnetic underlayer 2, a magnetic layer 3 and a protective layer 4. The magnetic layer comprises a Co alloy and the non-magnetic underlayer comprises a first underlayer 21 comprising an Al--Co--Ni alloy and a second underlayer 22 comprising Cr or a Cr alloy laminated on the first underlayer.