To provide a method of forming a low-cost magnetic film having a uniform plane distribution in magnetic properties, reduced in the number of surface defects and having stable quality in high mass-productivity, and to provide a method of producing a magnetic recording medium.

In a target 400 forming a magnetic film 105 on both the sides of a substrate 101 by sputtering, till its service life is completed owing to its thickness in a consumption process, the erosion face 401 is subjected to additional working (cutting) almost parallel to the non-using face 403 on the back side for at least one time, so that indentations caused by erosion are reduced or eliminated, and the target 400 is reused.