A corrosion-resistant granular magnetic recording medium with improved recording performance comprises a non-magnetic substrate having a surface; and a layer stack on the substrate surface, including, in order from the surface: a granular magnetic recording layer; an intermediate magnetic de-coupling layer; and a corrosion preventing magnetic cap layer. The intermediate magnetic de-coupling layer has an optimal thickness and/or composition for: (1) promoting magnetic exchange de-coupling between the granular magnetic recording layer and the magnetic cap layer; and (2) reducing the dynamic closure field (H.sub.cl) for determining writeability and eraseability of the medium. Grain boundaries of the magnetic cap layer are substantially oxide-free, and have a greater density and lower average porosity and surface roughness than those of the granular magnetic recording layer.