A method for manufacturing a magnetic recording medium is provided. An orientation control layer is deposited on a non-magnetic substrate to control an orientation of a layer located directly thereon, and a perpendicular magnetic layer whose easy axis of magnetization is mainly oriented perpendicular to the non-magnetic substrate is deposited thereon. In depositing the orientation control layer, a first granular structure layer containing Ru or a material mainly made of Ru and a first oxide having a melting point of 1000 degrees C. or lower are deposited by sputtering. In depositing the perpendicular magnetic layer, a second granular structure layer containing magnetic particles and a second oxide having a melting point of 1000 degrees C. or lower are deposited by sputtering, and the magnetic particles are grown so as to form a columnar crystal continuing in a thickness direction. The columnar crystal includes crystal grains constituting the orientation control layer.