According to one embodiment, a magnetic recording medium includes a substrate, a first underlayer formed on the substrate and including an amorphous alloy containing Ni, a crystalline second underlayer formed on the first underlayer and including simple Cr or an alloy containing Cr, and a magnetic recording layer formed on the second underlayer and including at least one element of Fe and Co and at least one element of Pt and Pd, and containing magnetic crystal grains having an L10 structure. An oxygen amount remaining on the upper surface of the second underlayer is larger than an oxygen amount remaining on the lower surface of the second underlayer, and a normal line to a (001) plane of the magnetic crystal grains in the magnetic recording layer is oriented with a tilt angle in a range of 3 to 25° to a normal line to a medium plane.