A magnetic recording medium includes a substrate, an underlayer provided on the substrate, a Co alloy magnetic film formed through the underlayer, and a protective film for protecting the magnetic film, wherein the underlayer has a two-layer structure of an lower underlayer contacted with the substrate and an upper underlayer contacted with the Co alloy magnetic film, the upper underlayer is a Co—Crx—My alloy film having a hexagonal close-packed structure, where 25 atomic %≦x+y≦50 atomic %, 0.5 atomic %≦y, nonmagnetic element M is one selected from the group of elements B, Si, Ge, C, Al, P, Ti, V, Nb, Zr, Hf, Mn, Rh, Os, Ir, Re, Pd, Pt, Mo, Ta, W, Ag and Au. Thereby the medium can be increased in its coercive force and can be improved in its thermal stability characteristics.