Embodiments in accordance with the present invention help to obtain a perpendicular magnetic recording medium having a granular structure, excellent recording/reproducing properties, and excellent durability. According to one embodiment, a recording layer includes a layer which has crystal grains mainly composed of cobalt and crystal grain boundaries mainly composed of the oxide; the oxygen content of the recoding layer is changed in the film thickness direction; the oxygen content in the area in the vicinity of the interface between the recording layer and the intermediate layer is made lower than the oxygen content in the area in the vicinity of the center of the recording layer; and the oxygen content in the area in the vicinity of the interface between the recording layer and the protective layer is made lower than the oxygen content in the area in the vicinity of the center of the recording layer.