A magnetic recording medium may include a stacked structure of orientation control, lower recording, intermediate, and upper recording layers. The lower recording layer has a coercivity higher than that of the upper recording layer. The lower recording layer includes a first layer with a granular structure that includes magnetic particles including Co, Cr, and Pt, and an oxide covering a periphery of the magnetic particles, and a second layer with a non-granular structure that includes magnetic particles including Co, Cr, and Pt. The lower recording layer includes columnar crystals continuous with crystal particles forming the orientation control layer in a stacking direction of the stacked structure.