There are provided: an aluminum alloy substrate for a magnetic disk, the aluminum alloy substrate including an aluminum alloy including 0.4 to 3.0 mass % of Fe and the balance of Al and unavoidable impurities, in which second phase particles having a longest diameter of 0.5 μm or more and less than 2.0 μm are dispersed at a distribution density of 5000 particles/mm2 or more; a method for producing the same; and a magnetic disk using the aluminum alloy substrate for a magnetic disk.