A method of manufacturing a magnetic recording medium includes providing a substrate that is a magnetic recording medium substrate having a disc shape, having two main surfaces, and having defined therein a center hole; holding the center hole of the substrate from both main surfaces with two holding members that each have a disc shape to hold the substrate and to cover at least the periphery of the center hole adjacent to the two main surfaces of the substrate; and applying resist liquid simultaneously to both main surfaces of the substrate using spin coating to form a resist layer simultaneously on both main surfaces while maintaining the periphery of the center hole immediately adjacent to the two main surfaces of the substrate resist-free as an unapplied portion. The method enables efficient formation of uniform resist layers without defects on both faces of the substrate.