A magnetic recording medium according to the invention includes a plastic substrate, a non-magnetic under-layer on the substrate, a magnetic layer including cobalt on the under-layer, a protective film on the magnetic layer, and a liquid lubricant layer on the protective film. The under-layer is composed of a chromium alloy having a body centered cubic lattice structure, and containing at least one element selected from the group consisting of Zr, Nb, Mo, Ru and Pd in a total amount of at least 15 at %, or containing at least one element selected from the group consisting of Hf, Ta, W, Re, Pt and Au in a total amount of at least 10 at %. The amount of cobalt dissolved out of the magnetic layer is limited by performing sputtering deposition of at least the magnetic layer at low pressures of argon.