An information recording medium of the present invention includes N information layers on a substrate (1), where N is an integer of 2 or more. Information is recorded/reproduced by irradiating each of the information layers (11, 12) with a laser beam (4). When the N information layers are referred to as a first information layer to an N-th information layer sequentially from the opposite side to a laser beam incident side, the L-th information layer included in the N information layers includes at least a recording layer (135) capable of undergoing a phase change through laser beam irradiation, a reflective layer (132), and a transmittance adjusting layer (131) in this order from the laser beam incident side, where L is an integer satisfying 2≦L≦N. The transmittance adjusting layer (131) contains Nb, oxygen (O), and at least one element M selected from Ti, Zr, Hf, Y, Cr, Zn, Ga, Co, Bi, In, Ta, and Ce. In the transmittance adjusting layer (131), the content of Nb is at least 2.9 atom %.