A magnetic head substrate is provided with a recording element having a main magnetic pole layer and a recording-side monitor element including a resistance film, a lead conductor located as a layer below the resistance film, and a contact conductor for conductively connecting the resistance film and the lead conductor. The resistance film is formed on the same plane as that for a lowermost layer of the main magnetic pole layer or a base layer from the same material as that for them, so as to straddle the surface position of a medium-facing surface in the height direction. The contact conductor and the lead conductor are disposed while being retreated to the back side of the above-described position in the height direction. The upper surface and the lower surface of the contact conductor are entirely in contact with the resistance film and are not exposed to the outside.