A magnetic recording medium for heat-assisted magnetic recording is provided. A magnetic recording layer includes upper and lower magnetic recording layers. The lower magnetic recording layer has a lower granular structure including lower magnetic crystal grains, and a lower non-magnetic portion, that surrounds the lower magnetic crystal grains, mainly composed of carbon. The upper magnetic recording layer has an upper granular structure including upper magnetic crystal grains, and an upper non-magnetic portion, that surrounds the upper magnetic crystal grains, formed from a material selected from the group consisting of silicon nitride, titanium oxide and titanium nitride.