A method for manufacturing a magnetic recording medium for perpendicular magnetic recording includes the steps of forming a first magnetic layer which has magnetic crystal grains exhibiting perpendicular magnetic anisotropy and nonmagnetic substances for magnetically separating the magnetic crystal grains from each other at grain boundaries of the magnetic crystal grains, forming a second magnetic layer which has magnetic grains exchange-coupled to the magnetic crystal grains, a grain boundary width of the magnetic grains being smaller than a grain boundary width of the magnetic crystal grains, and forming separation regions which magnetically separate tracks from each other in regions between the tracks of the magnetic recording medium in at least the second magnetic layer. The separation regions are disposed substantially only in the second magnetic layer of the first magnetic layer and the second magnetic layer.