A magnetic recording medium comprising a base body (1-4), a first magnetic layer (5) formed on said base body, a second magnetic layer (7), and a spacer layer (6) formed between said first and said second magnetic layers, each of said first and said second magnetic layers being of a ferromagnetic material, said spacer layer being for inducing antiferromagnetic exchange interaction between said first and said second magnetic layers, said first magnetic layer being for controlling said antiferromagnetic exchange interaction, said second magnetic layer comprising a primary layer (72) and a secondary layer (71) located nearer to said base body than said primary layer, said primary layer having a primary anisotropic magnetic field, said secondary layer having a secondary anisotropic magnetic field which is smaller than said primary anisotropic magnetic field wherein said secondary layer (71) has a saturated magnetic flux density smaller than that of said primary layer (72).