An object of the present invention is to provide a perpendicular magnetic recording medium the SNR of which is improved by reducing noise thought to be due to an auxiliary recording layer so that a higher recording density can be achieved, and a method of manufacturing the same.In order to achieve the above object, a representative configuration of a perpendicular magnetic recording medium 100 according to the present invention includes, on a base, at least a magnetic recording layer 122 having a granular structure in which a non-magnetic grain boundary portion is formed between crystal particles grown in a columnar shape; a non-magnetic split layer 124 disposed on the magnetic recording layer 122 and containing Ru and oxygen; and an auxiliary recording layer 126 that is disposed on the split layer 124 and that is magnetically approximately continuous in an in-plane direction of a main surface of the base 110.