SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549



                                  FORM 8-K
                               CURRENT REPORT





                     Pursuant to Section 13 or 15(d) of
                     the Securities Exchange Act of 1934




     Date of Report (Date of earliest event reported):  January 5, 1998





                           McDONALD'S CORPORATION
           (Exact name of Registrant as specified in its Charter)



      Delaware                      1-5231              36-2361282
  (State of Incorporation)   (Commission File No.)    (IRS Employer
                                                      Identification No.)



                            One McDonald's Plaza
                          Oak Brook, Illinois 60523
                               (630) 623-3000
          (Address and Phone Number of Principal Executive Offices)



  Item 5.   Other Events

  On January 8, 1998, McDonald's Corporation issued $150,000,000 6-3/8%
  Debentures due 2028.

  (c)  Exhibits

       1      Underwriting Agreement dated January 5, 1998, by and among
              McDonald's Corporation, Merrill Lynch, Pierce, Fenner &
              Smith Incorporated, Goldman, Sachs & Co., J.P. Morgan
              Securities Inc., Morgan Stanley & Co. Incorporated and
              Salomon Brothers Inc

       3(i)   Restated Certificate of Incorporation of McDonald's
              Corporation effective as of December 29, 1997

       3(ii)  By-Laws of McDonald's Corporation effective as of December
              19, 1997

       4(a)   Supplemental Indenture No. 1, dated as of January 8, 1998,
              supplemental to the Senior Debt Securities Indenture dated
              as of October 19, 1996, between McDonald's Corporation and
              First Union National Bank, as Trustee

       4(b)   Specimen Debenture



                                  SIGNATURE

  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  Registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.

                                McDONALD'S CORPORATION

                                (Registrant)


                                By:  /s/ Gloria Santona
                                     ------------------------------
                                     Gloria Santona
                                     Vice President, Deputy General Counsel
                                     and Secretary



                                Exhibit Index


  Exhibit
  No.       Description of Exhibit
  -------   ----------------------

  1         Underwriting Agreement dated September 19, 1997, by and among
            McDonald's Corporation, Merrill Lynch, Pierce, Fenner & Smith
            Incorporated, Goldman, Sachs & Co., J.P. Morgan Securities
            Inc., Morgan Stanley & Co. Incorporated and Salomon Brothers
            Inc

  3(i)      Restated Certificate of Incorporation of McDonald's Corporation
            effective as of December 29, 1997

  3(ii)     By-Laws of McDonald's Corporation effective as of December 19,
            1997

  4(a)      Supplemental Indenture No. 1, dated as of January 8, 1998, 
            supplemental to the Senior Debt Securities Indenture dated
            as of October 19, 1996, between McDonald's Corporation and
            First Union National Bank, as Trustee

  4(b)      Specimen Debenture
[{"type": "8-K", "sequence": "1", "description": "CURRENT FORM 8-K", "secsgml_size_bytes": 3509}]
{"company-data": {"conformed-name": "MCDONALDS CORP", "cik": "0000063908", "assigned-sic": "5812", "irs-number": "362361282", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-05231", "film-number": "98506135"}, "business-address": {"street1": "ONE MCDONALD'S PLZ", "city": "OAK BROOK", "state": "IL", "zip": "60521", "phone": "7085753000"}}
SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549

                                  FORM 8-K
                               CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of
                     the Securities Exchange Act of 1934

     Date of Report (Date of earliest event reported):  January 5, 1998

                           McDONALD'S CORPORATION
           (Exact name of Registrant as specified in its Charter)

      Delaware                      1-5231              36-2361282
  (State of Incorporation)   (Commission File No.)    (IRS Employer
                                                      Identification No.)

                            One McDonald's Plaza
                          Oak Brook, Illinois 60523
                               (630) 623-3000
          (Address and Phone Number of Principal Executive Offices)

  Item 5.   Other Events

  On January 8, 1998, McDonald's Corporation issued $150,000,000 6-3/8%
  Debentures due 2028.

  (c)  Exhibits

       1      Underwriting Agreement dated January 5, 1998, by and among
              McDonald's Corporation, Merrill Lynch, Pierce, Fenner &
              Smith Incorporated, Goldman, Sachs & Co., J.P. Morgan
              Securities Inc., Morgan Stanley & Co. Incorporated and
              Salomon Brothers Inc

       3(i)   Restated Certificate of Incorporation of McDonald's
              Corporation effective as of December 29, 1997

       3(ii)  By-Laws of McDonald's Corporation effective as of December
              19, 1997

       4(a)   Supplemental Indenture No. 1, dated as of January 8, 1998,
              supplemental to the Senior Debt Securities Indenture dated
              as of October 19, 1996, between McDonald's Corporation and
              First Union National Bank, as Trustee

       4(b)   Specimen Debenture

                                  SIGNATURE

  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  Registrant has duly caused this report to be signed on its behalf by the
  undersigned hereunto duly authorized.

                                McDONALD'S CORPORATION

                                (Registrant)

                                By:  /s/ Gloria Santona
                                     ------------------------------
                                     Gloria Santona
                                     Vice President, Deputy General Counsel
                                     and Secretary

                                Exhibit Index

  Exhibit
  No.       Description of Exhibit
  -------   ----------------------

  1         Underwriting Agreement dated September 19, 1997, by and among
            McDonald's Corporation, Merrill Lynch, Pierce, Fenner & Smith
            Incorporated, Goldman, Sachs & Co., J.P. Morgan Securities
            Inc., Morgan Stanley & Co. Incorporated and Salomon Brothers
            Inc

  3(i)      Restated Certificate of Incorporation of McDonald's Corporation
            effective as of December 29, 1997

  3(ii)     By-Laws of McDonald's Corporation effective as of December 19,
            1997

  4(a)      Supplemental Indenture No. 1, dated as of January 8, 1998, 
            supplemental to the Senior Debt Securities Indenture dated
            as of October 19, 1996, between McDonald's Corporation and
            First Union National Bank, as Trustee

  4(b)      Specimen Debenture