A magnetic recording medium includes a substrate, a magnetic layer including an alloy having an L10 type crystal structure as a main component thereof, a plurality of underlayers arranged between the substrate and the magnetic layer, and a barrier layer made of a material having an NaCl structure. The plurality of underlayers include at least one crystalline underlayer including Mo as a main component thereof, and at least one of Si and C in a range of 1 mol % to 20 mol % and an oxide in a range of 1 vol % to 50 vol %. The barrier layer is provided between the magnetic layer and the at least one crystalline underlayer including Mo.