Perpendicular magnetic recording media consisting of two stacked CoCrPt–SiO2 recording layers incorporating different O2 content in each layer were studied. The samples used Ru intermediate layers. With increasing O2 levels in the lower recording layer, the samples exhibited marginal change in the crystallographic texture, and superior overall magnetic properties such as higher coercivity and improved exchange decoupling. However, the media grain size remained unchanged. Investigations into the switching mechanism by means of virgin and isothermal remanence magnetization measurements showed the predominance of Stoner–Wohlfarth coherent reversal modes in all samples. The thermal stability dropped slightly. A model that describes the evolution of the microstructure in stacked perpendicular recording media is presented to understand these observations.