A magnetic recording medium including a magnetic recording layer of a granular structure and having a large thickness as well as excellent magnetic properties is provided. The perpendicular magnetic recording medium includes a non-magnetic substrate and a magnetic recording layer, wherein the magnetic recording layer includes first magnetic recording layers on the side of the non-magnetic substrate and second magnetic recording layers, the first magnetic layers have a granular structure including first magnetic crystal grains containing an ordered alloy and a first non-magnetic segregant surrounding the first magnetic crystal grains and containing carbon; and the second magnetic layers have a granular structure including second magnetic crystal grains containing an ordered alloy and a second non-magnetic segregant surrounding the second magnetic crystal grains and containing Zn and O.