Embodiments of the invention ensure that a perpendicular magnetic recording medium having a granular magnetic recording layer made of CoCrPt alloy and Si oxide provides both high SNR and thermal stability. In one embodiment, a substantially amorphous grain boundary layer of a magnetic recording layer made of CoCrPt alloy and Si oxide contains a ferromagnetic element in a concentration from about 30 at. % to 50 at. % or more preferably from about 35 at. % to 47 at. %, so that intergrain exchange interaction takes place moderately. As a consequence, SNR of 18 dB or more and thermal stability of 3%/decade or less are achieved.