A magnetic recording medium includes a nonmagnetic substrate, a soft magnetic underlayer, an orientation control layer, a perpendicular magnetic layer, and a protection layer that are arranged in this order. The perpendicular magnetic layer includes a first magnetic layer and a second magnetic layer that are arranged in this order on the orientation control layer. The first magnetic layer has a granular structure including an oxide at grain boundary parts of magnetic grains, and the second magnetic layer is closest to the protection layer among layers within the perpendicular magnetic layer, and includes magnetic grains made of a CoCrPt alloy, and a nitride of carbon or a hydride of carbon.