A magnetic recording medium includes a non-magnetic substrate, a soft magnetic underlayer, an orientation control layer, a perpendicular magnetic layer, and a protective layer arranged in this order. The perpendicular magnetic layer includes a first magnetic layer and a second magnetic layer from the non-magnetic substrate side in this order. The second magnetic layer contains a magnetic grain and provided farthest from the non-magnetic substrate. The first magnetic layer has a granular structure that contains an oxide in a grain boundary. The second magnetic layer has a granular structure that contains a carbide of an element contained in the magnetic grain in a grain boundary.