A perpendicular magnetic recording medium composed of a nonmagnetic substrate having a surface onto which are provided a plurality of layers including, in the order recited, a soft underlayer; a nonmagnetic coupling layer; a hard magnetic pinning layer which is antiferromagnetically coupled to the soft underlayer at ambient temperature via the nonmagnetic coupling layer and which has an axis of easy magnetization which extends in a direction which is perpendicular to that of the surface of the nonmagnetic substrate; a nonmagnetic intermediate layer; and a magnetic recording layer. Such a perpendicular magnetic recording medium has an improved medium performance, with reduced noise originating from the presence of the soft underlayer, and no erasure of recorded magnetization when influenced by an external magnetic field.