To provide a manufacturing method of a magnetic recording medium having high coercive force in the perpendicular direction.

In the manufacturing method of the magnetic recording medium wherein a magnetic layer 6 for perpendicular magnetization containing an oxide consisting essentially of Co (cobalt) or a Co alloy is formed on a non-magnetic substrate 4, a mixed gas consisting of an Ar (argon) gas and an O2 (oxygen) gas is used as a sputtering gas used when the magnetic layer is formed, the partial pressure ratio (partial pressure of oxygen gas/ partial pressure of argon gas=PO2/PAr) of the mixed gas just before the magnetic layer is formed is specified to be in the range of 0.010 to 0.021 and the partial pressure of the argon gas is specified to be in the range of 7.5 to 20 mTorr (1 to 2.66 Pa).