A magnetic recording apparatus including a drive unit to drive the magnetic recording medium, a compound-type magnetic head, a means to move the magnetic head relative to the magnetic recording medium, and a means to process recording and retrieving signals generated by the magnetic head. The magnetic recording medium comprises a non-magnetic substrate and a magnetic layer formed thereon with three underlayers interposed inbetween. The magnetic layer is composed of a plurality of layers of Co-based alloy of hexagonal close-packed structure which are antiferromagnetically coupled to one another through a non-magnetic intermediate layer, said three underlayers including an amorphous alloy layer, a Ta layer, and a Cr-based alloy layer of body-centered cubic structure.