Embodiments of the embodiment are directed to reducing the inter-granular exchange coupling of an oxide granular medium and obtaining a high media S/N value, resulting in an areal recording density greater than 23 gigabits per square centimeter or more being achieved. In one embodiment, a magnetic recording medium comprises a structure laminating a soft-magnetic underlayer, a lower intermediate layer including Ru, an upper intermediate layer consisting of Ru crystal grains and oxide crystal grain boundaries, a magnetic recording layer consisting of crystal grains and oxide crystal grain boundaries, in order, on a substrate, growing crystal grains of the magnetic recording layer epitaxially on the Ru crystal grains of the upper intermediate layer, and growing the crystal grain boundaries of the magnetic recording layer on the crystal grain boundaries of the upper intermediate layer.