A perpendicular magnetic recording medium is fabricated based on R.sub.21-60 (Fe.sub.1-y Co.sub.y).sub.z M.sub.0-10 wherein z is balance and at least 70 at % of R is Nd and/or Pr, the balance of R being one or more of other rare earth elements, and wherein y is less than 0.5 by atomic ratio. M is at least one of various additional metal elements. The Curie temperature Tc is between 70.degree. to 250.degree. C.; the saturation magnetization Ms is about 450 emu/cc or more; the uniaxial perpendicular magnetic anisotropy constant Ku of 2.5.times.10.sup.6 erg/cc or more is attained. Kerr rotation angle is 0.3 degree or more, which provides a magneto-optic recording medium. Since light rare earth elements having the collinear alignment of magnetic moment with Fe are used as a key element, it is possible to fabricate uniform perpendicular magnetic anisotropy thin films in a mass production scale at a low cost.