A method of recording information on and reproducing information from a magnetooptical recording medium which includes first and second magnetic layers. The method includes the step of projecting a light spot onto the medium. When reproducing information, the light spot is projected onto the medium from the side of the magnetic layer. In this method only a high temperature region of the second magnetic layer within a light spot projection portion is changed to a perpendicular magnetization film so that information recorded in the first magnetic layer is transferred to the perpendicular magnetization film of the second magnetic layer. In addition, information which is transferred to the second magnetic layer is detected by using reflected light from the medium which is subjected to the magneto-optic effect from the perpendicular magnetization film of the second magnetic layer. When recording information, a magnetic field is applied, whose magnetization direction is modulated according to information, to a light spot projection portion of the medium so the magnetization of the second magnetic layer is oriented to the direction of the applied magnetic field, and the magnetization of the second magnetic layer is transferred to the first magnetic layer to form a record bit.