Provided is a magnetic recording medium which maintains high vertical orientation of a vertical magnetic layer, and which is capable of realizing high recording densification. In the magnetic recording medium, at least a soft magnetic underlying layer (30), seed layers (31, 32), an orientation control layer (33), and a vertical magnetic layer are laminated in this order on the non-magnetic substrate. The soft magnetic underlying layer (30) has an amorphous or microcrystalline structure. The seed layers (31, 32) include a first seed layer (31) formed from a metal oxide or a metal nitride, and a second seed layer (32) which is formed on the first seed layer and is formed from a metal formed with an island-shape or a net shape. In the orientation control layer (33) and the vertical magnetic layer, respective crystal grains constitute columnar crystals that are continuous in a thickness direction based on the second seed layer (32).