The present invention provides a magnetic recording medium with a reduced tendency for a free layer to become thicker near an outer periphery than near an inner periphery of a recording zone as well as provides an information reproducing apparatus which is equipped with the magnetic recording medium and reproduces information according to the magnetization at various points on the magnetic recording medium. A magnetic layer carries information in an outer zone outside a predetermined inner zone around a through-hole. That part of the free layer which is located in the outer zone is thinner near the outer periphery than near the inner periphery.