This invention relates to a magnetic recording medium having a structure in which an undercoating film, a magnetic thin film, a protective film, and an organic film are stacked on a substrate in the order named. Since the protective film contains carbon and silicon and a portion of silicon in at least an interface in contact with the organic film consists of a silicon oxide, the surface of the magnetic recording medium is not degraded even by frequent contact with a magnetic head upon driving or stopping of the magnetic recording medium. This invention also relates to a method of manufacturing the same.