A magnetic recording medium comprising a recording material comprising a disordered phase crystalline alloy of iron and aluminum, said recording material having a saturation magnetization of at least 45 emu/g wherein the total amount of iron and aluminum is at least 90 at %, a portion of the aluminum in said recording material is replaced by MI which is at least one element selected from the group consisting of silicon, germanium, tin, antimony, bismuth, molybdenum, tungsten, niobium, tantalum, titanium, zirconium, and hafnium, and the content of MI in said recording material is up to 10 at %, the atomic ratio Fe/(Fe+Al+MI) ranges from 0.30 to 0.45, and said disordered phase crystalline alloy undergoes a transition to an ordered phase crystalline alloy upon heating, said ordered phase crystalline alloy having a saturation magnetization which is at least 35 emu/g lower than said disordered phase.