[Problem] An object is to provide a magnetic recording medium with improved HDI characteristics, such as impact resistance, and its manufacturing method.[Solution] A typical structure of a magnetic recording medium 100 according to the present invention includes, on a base, at least a magnetic recording layer 122, a protective layer 126, and a lubricating layer 128, wherein the magnetic recording layer 122 includes, in an in-plane direction, a magnetic recording part 136 configured of a magnetic material and a non-recording part 134 magnetically separating the magnetic recording part 136, and a surface corresponding to the non-recording part 134 protuberates more than a surface corresponding to the magnetic recording part 136.