A perpendicular magnetic recording medium includes a soft magnetic backing layer, an underlayer, a nonmagnetic intermediate layer, and a magnetic recording layer sequentially deposited on a nonmagnetic substrate. The underlayer can contain cobalt, nickel, and iron and have an fcc structure and exhibit soft magnetic property. The underlayer preferably contains nickel in a range of 30 to 88 at % and iron in a range of 0.1 to 22 at %. The underlayer can further contain Si, B, Nb, N, Ta, Al, Pd, Cr, or Mo. The nonmagnetic intermediate layer preferably contains at least one element selected from Ru, Re, Pd, Ir, Pt, and Rh. The magnetic recording layer preferably has a granular structure. A seed layer can be further provided between the soft magnetic backing layer and the underlayer.