An object of the present invention is to provide a perpendicular magnetic recording medium in which each space between crystal grains of a first magnetic recording layer is so designed as to allow the layer to also have a function as a continuous layer, and a method of manufacturing a perpendicular magnetic recording medium. In a perpendicular magnetic recording medium 100 according to the present invention, a first magnetic recording layer 122a and a second magnetic recording layer 122b are ferromagnetic layers each having a granular structure in which a grain boundary part made of a non-magnetic substance is formed between crystal grains each grown in a column shape and, in the first magnetic recording layer 122a, an intergranular distance defined by an average of shortest distances between grain boundary parts each between a crystal grain and its adjacent crystal grain is equal to or shorter than 1 nm.