A magnetic recording medium conventionally utilizes the in-plane magnetization mode, but recently the perpendicular magnetization mode utilizing the perpendicular anisotropy of an hcp cobalt alloy layer, in which the C axis is oriented perpendicular to the layer surface, has been proposed. The known perpendicular magnetic recording medium is produced by means of RF sputtering and comprises a Permalloy layer, as layer of a low coercive-force material, between the nonmagnetic base and the hcp cobalt alloy layer. The perpendicular anisotropy attained by the present invention is very excellent and is superior to that of a perpendicular recording medium having no Permalloy layer because a Co-Ta alloy is used as the layer of a low coercive-force material.