The magnetic recording medium of the present invention comprises: a non-magnetic substrate; a non-magnetic layer formed on one of principal surfaces of the non-magnetic substrate; and a magnetic layer formed on a principal surface of the non-magnetic layer opposite to the non-magnetic substrate. Mr and t satisfy 0.0020 μT·m≦Mr·t≦0.0150 μT·m, where Mr is the residual magnetic flux density of the magnetic layer, and t is the average thickness of the magnetic layer, L1 satisfies 2 nm≦L1≦6 nm, where L1 is the average thickness of a first mixed layer that is formed on the surface of the magnetic layer opposite to the non-magnetic layer, and L2 satisfies 0.1≦L2/t≦0.45, where L2 is the average thickness of a second mixed layer that is formed on the surface of the magnetic layer facing the non-magnetic layer.