A magnetic recording and reproducing device according to an embodiment includes a magnetic recording medium and a controller. The magnetic recording medium includes in sequence a substrate, a storage layer, an exchange layer, and a surface recording layer. The controller executes following steps (1) to (6): (1) magnetically recording first information on the surface recording layer; (2) transferring the first information recorded on the surface recording layer to the storage layer; (3) magnetically recording second information on the surface recording layer; (4) magnetically reproducing the second information from the surface recording layer; (5) transferring the first information recorded on the storage layer to the surface recording layer; and (6) magnetically reproducing the first information transferred to the surface recording layer.