A magnetic recording medium for high areal recording density that has excellent thermal fluctuation resistance and recording/reproduction characteristics, and a method of producing the same. The magnetic recording medium includes a glass substrate, an NiP layer having an oxide film on its surface provided on the glass substrate, a ground layer provided on the NiP layer, and a nonmagnetic intermediate layer provided on the ground layer. The magnetic recording medium further includes an exchange layer structure composed of a ferromagnetic layer and a nonmagnetic coupling layer provided on the nonmagnetic intermediate layer, and a magnetic recording layer provided on the exchange layer structure. The oxide film on the NiP layer is formed by introducing a small quantity of oxygen into a vacuum chamber of a sputter device. The formation and oxidation of the NiP layer are conducted at a temperature of not less than 140° C.