A magnetic recording medium is provided with an exchange layer structure, and a magnetic layer provided on the exchange layer structure. The exchange layer structure includes a ferromagnetic layer and a nonmagnetic coupling layer provided on the ferromagnetic layer, where the ferromagnetic layer and the magnetic layer are exchange-coupled and having mutually antiparallel magnetizations. The ferromagnetic layer and the magnetic layer satisfy a relationship Hc1'.gtoreq.Hc2', where Hc1' denotes a dynamic coercivity of the ferromagnetic layer and Hc2' denotes a dynamic coercivity of the magnetic layer.