A magnetic recording medium for thermally assisted recording is disclosed which achieves both high density writing and good control of temperature characteristics. The magnetic recording medium for thermally assisted recording comprises an underlayer, a magnetic recording layer, and a protective layer sequentially laminated on a nonmagnetic substrate. The magnetic recording layer has a structure composed of two magnetic layers and an exchange coupling control layer inserted between the magnetic layers, the two magnetic layers being magnetically coupled through the exchange coupling control layer. The coupling energy Jw in the process of writing a signal and the coupling energy Jr in the state of retaining a signal satisfy a relation 0