A perpendicular magnetic recording medium including a substrate, a metal base layer formed on the substrate, a soft magnetic layer formed on the metal base layer by electroless plating and having an axis of easy magnetization in the in-plane direction of the substrate, and a magnetic recording layer formed on the soft magnetic layer and having an axis of easy magnetization in a direction perpendicular to the surface of the substrate. The metal base layer is formed of an alloy containing at least one element selected from the group consisting of Co, Ni, and Fe, and has a coercivity of 3 oersteds (Oe) or less. The soft magnetic layer has a thickness of 100 to 600 nm.