Corrosion resistant magnetic thin film media are fabricated using a CoCr magnetic layer having a stabilized protective chromium oxide film thereon. Stabilization of the protective chromium oxide film is achieved by incorporating a stabilizing element, such as Mo, V, Mn, Nb, Ni or Si, in the magnetic layer, thereby enabling elimination of the protective overcoat, e.g., C-containing protective overcoat, or forming the protective overcoat at a significantly low thickness of less than about 20 Å, e.g., up to about 1 Å. Embodiments include forming a magnetic layer comprising Co and Cr on an underlayer, and then forming a thin magnetic layer containing Co and Cr with the chromium oxide stabilizing element thereon. Embodiments further include introducing the chromium oxide stabilizing element by diffusion or ion implantation into a sputter deposited Co—Cr magnetic alloy layer.