A magneto-optical recording medium comprises, on a substrate, a dielectric layer, a GdFeCo reproducing layer, a non-magnetic layer, and a TbFeCo recording layer. Upon reproduction, a DC magnetic field Hex is applied in the recording direction, and a reproducing light beam is radiated while being modulated to have a low power and a high power in synchronization with a reproducing clock. The reproducing layer is a magnetic film which changes from in-plane magnetization into perpendicular magnetization at a critical temperature Tcr, which has a compensation temperature Tcomp between room temperature and a Curie temperature Tc, and which satisfies Troom