Provided are a perpendicular magnetic recording medium having an underlayer between a substrate and a recording layer and a method of manufacturing the perpendicular magnetic recording medium. The method of manufacturing a perpendicular magnetic recording medium includes forming the underlayer of a plural-layer structure by at least 2 step processes under different deposition conditions. When using the underlayer formed by a 2-step manufacturing method, superior crystalline and high perpendicular magnetic anisotropy can be secured due to the lower underlayer, and the perpendicular magnetic recording layer having a high perpendicular coercivity and a small magnetic domain can be formed due to the underlayer beneath the recording layer.