There is provided a method for producing sputtering target materials which are used for a Ni—W based interlayer in a perpendicular magnetic recording medium. In this producing method, a Ni—W based alloy powder is prepared as a raw material powder. The alloy powder comprises 5 to 20 at % of W and the balance Ni and unavoidable impurities and is produced by gas atomization. The raw material powder is consolidated at a temperature ranging from 900 to 1150° C. This producing method makes it possible to significantly restrain expansion of the powder-filled billet in the consolidation step, thus efficiently producing Ni—W based sputtering target materials with stable qualities.