Provided is a magnetic recording medium having less noise and less recording degradation ascribed to "thermal fluctuation". The magnetic recording medium has a magnetic recording film in which a magnetic region is dispersed in a non-magnetic region. In the magnetic recording medium, the magnetic region includes a hard magnetic layer which is a first magnetic portion made of a hard magnetic material with a coercive force and a soft magnetic layer which is a second magnetic portion made of a soft magnetic material with a coercive force smaller than that of the first magnetic portion, and the hard magnetic layer and the soft magnetic layer are laminated in a direction parallel to a film surface of the magnetic recording film.