In order to provide a magnetic recording medium having excellent electromagnetic conversion characteristics, a magnetic recording medium (10) is provided with a substrate (12), and a magnetic recording layer (20) formed on the substrate (12). The magnetic recording layer (20) is provided with a granular layer (32), i.e., a magnetic layer, including magnetic grains and a nonmagnetic material surrounding the magnetic grains in a section parallel to the main surface of the substrate. The ratio of the long diameter to the short diameter of each magnetic grain contained in the granular layer (32) is calculated in the section. In the histogram of such ratio, a half width at half maximum of the histogram is 0.6 or less and the variance of grain diameters of the magnetic grains in the section is 20% or less of the average grain diameter of the magnetic grains.