An object of the present invention is to provide a perpendicular magnetic recording medium including a suitable lubricating layer with sufficient durability, moisture resistance, and contamination resistance and also maintaining an R/W characteristic. In a typical structure of the present invention, a method of manufacturing a perpendicular magnetic recording medium 100 including a magnetic recording layer 122, a medium protective layer 126, and a lubricating layer 128 in this order on a base 110 includes: a CF bond density measuring step of measuring a CF bond density of a lubricant; and a lubricating layer forming step of forming a lubricating layer with the lubricant when the measured CF bond density is 2.0×1022 to 2.7×1022 atoms/cm3.