The magnetic recording medium includes an underlayer 12 formed of an inorganic compound layer, and a magnetic layer 13 formed over the underlayer 12. The inorganic compound layer as the underlayer 12 has crystal grains and at least one kind of oxide, the crystal grains having as main elements at least one of cobalt oxide, chromium oxide, iron oxide and nickel oxide, the at least one kind of oxide lying as a non-crystalline phase in grain boundaries between the crystal grains and selected from among silicon oxide, aluminum oxide, titanium oxide, tantalum oxide and zinc oxide.