The present invention relates to a magnetic recording medium including a substrate; an underlayer laminated upon the substrate; and a magnetic layer laminated upon the underlayer, wherein the underlayer includes a first underlayer containing a compound represented by a following general formula: MgO(1-X), where X is within a range of 0.07 to 0.25, the magnetic layer includes a first magnetic layer containing an alloy having a L10 structure, and the alloy having the L10 structure includes B, and the first underlayer is in contact with the first magnetic layer.