[Object] The present invention provides a perpendicular magnetic recording medium that can reduce noise by further size reduction and isolation of magnetic grains in a magnetic recording layer and can increase the recording density by improvement of the SNR.[Means for Solution] A typical configuration of a perpendicular magnetic recording medium according to the present invention is a perpendicular magnetic recording medium 100 having a magnetic recording layer 122 with a granular structure in which non-magnetic grain boundary portions are formed between magnetic grains that have grown continuously in a columnar shape, wherein the grain boundary portions contain a plurality of kinds of oxides.