A silver alloy reflective film is used in an optical information recording medium and contains silver as a main component, a total of 1 to 10 atomic percent of at least one rare-earth element, and a total of 1 to 15 atomic percent of at least one selected from In, Sn, Al, and Mg, in which the total content of the at least one rare-earth element and the at least one selected from In, Sn, Al, and Mg is 5 atomic percent or more. The silver alloy reflective film preferably further contains 0.01 to 3 atomic percent of at least one of Bi and Sb. A silver alloy sputtering target has the same composition as the silver alloy reflective film.