The present invention provides a magnetic recording medium comprising a support and a magnetic layer comprising a CuAu type or Cu.sub.3Au type magnetically hard ordered alloy phase, wherein a center line average roughness of a magnetic layer surface is 0.1 to 5 nm at a cut-off value of 0.25 mm, and a magnetic recording medium comprising a support and a magnetic layer containing, in a nonmagnetic metal oxide matrix, metal nanoparticles having a CuAu type or Cu.sub.3Au type magnetically hard ordered alloy phase.