This aluminum alloy substrate for a magnetic recording medium has a metal structure made of an Al alloy having a composition including Si in a range of 18.0% by mass to 22.0% by mass, Fe in a range of 4.0% by mass to 6.0% by mass, Cu in a range of 2.5% by mass to 4.0% by mass, and Mg in a range of 0.8% by mass to 1.5% by mass with a remainder being Al, a primary-crystal Si precipitate having a maximum diameter of 0.5 μm or more and an average particle diameter of 2 μm or less is dispersed in the metal structure, a diameter is in a range of 53 mm to 97 mm, and a thickness is in a range of 0.2 mm to 0.9 mm.