A method of fabricating a magnetic recording medium sequentially forms a magnetic recording layer, a protection layer, and a lubricant layer on a stacked body. The lubricant layer is formed on a surface of the protection layer by vapor-phase lubrication without exposing the stacked body to atmosphere after forming the protection layer on the stacked body. Nitrogen atoms or oxygen atoms are injected onto the surface of the protection layer after forming the protection layer and before forming the lubricant layer.