To provide a disk-shaped magnetic recording medium which is improved in electromagnetic conversion characteristics and more particularly high-density recording characteristics, has an excellent travelling property, repetitive traveling durability and presservation stability at and under a high temp. and high humidity, is good in linear wear and is low in starting torque.

The respective layers of the magnetic layer and lower layer of the disk-shaped magnetic recording medium, formed by providing the surface of a nommagnetic base with the lower layer which is substantially nonmagnetic and the magnetic layer contg. ferromagnetic powder and binder, respectively contain 100 pts.wt. fine ferromagnetic powder included in the magnetic layer or 10 to 30 pts.wt. ester based lubricant or diester based lubricant per 100 pts.wt. fine nonmagnetic powder included in the lower layer. The C/Fe peak ratio when the surface of the agnetic layer is measured by Auger electron spectroscopy is specified to 5 to 80 and ≥30% of the ester based lubricant and diester based lubricant is an unsatd. compd.