A perpendicular magnetic recording medium has a granular magnetic layer and a nonmagnetic underlayer of a metal or an alloy having a hexagonal closest-packed (hcp) crystal structure. A seed layer of a metal or an alloy of a face-centered cubic (fcc) crystal structure is provided under the nonmagnetic underlayer. Such a perpendicular magnetic recording medium exhibits excellent magnetic characteristics even when the thickness of the underlayer or the total thickness of the underlayer and the seed layer is very thin. Excellent magnetic characteristics can be obtained even when of the substrate is not preheated. Accordingly, a nonmagnetic substrate, such as a plastic resin can be employed to reduce the manufacturing cost.