To provide a perpendicular magnetic recording medium which has magnetic layers of a stabilized laminated structure and excels in the recording and reproducing property.

The perpendicular magnetic recording medium comprises at least an underlayer, a seed layer, a first intermediate layer, a second intermediate layer, a first magnetic recording layer, a second magnetic recording layer, and a protecting layer laminated in the order on a nonmagnetic substrate. The first intermediate layer is formed of an alloy having Ru as a main constituent and the second intermediate layer is formed of a CoCr alloy containing no Ru. An alloy layer of a composition having Ru element as an essential constituent is sandwiched between the first magnetic recording layer and the second magnetic recording layer. Further, the first magnetic recording layer is formed of a magnetic alloy containing Ru.