PURPOSE: To exactly form an alloy of a compensation compsn. and the compsn. near the same at a desired ratio by obtaining a magnetic recording medium of the desired alloy consisting of a rare earth and transition metal by sputtering on a substrate which is disposed oppositely on a concentrical circle and rotates.

CONSTITUTION: A target which is rich with the rare earth with respect to the compensation compsn. and a target 5 which is rich with the transition metal are respectively disposed on cathodes 2, 3 disposed on the concentrical circle in a vacuum chamber 1 of a sputtering device. The substrate 7 mounted on a disk 6 rotatable around the central axis of the concentrical circle as its axis of rotation exists oppositely to these targets 4, 5. The disk 6 is rotated and prescribed conditions are set in the vacuum chamber 1 by heating of the substrate 7 or other measures and while detectors 8, 9 are monitored, the electric power to be supplied to the cathodes 3, 3 is controlled, by which the rate of sputtering from the targets 4, 5 is adjusted. The magnetic recording medium consisting of the compensation compsn. of the desired alloy is thereby obtd.