A perpendicular magnetic recording medium includes an intermediate film formed of a plurality of layers between a soft magnetic film and a perpendicular magnetization film. The intermediate film includes at least two layers, i.e., an oxygen-containing layer, or a nonmetallic element-containing layer containing nitrogen, silicon or carbon, and a metallic layer formed on a surface side of the oxygen-containing layer or the nonmetallic element-containing layer. The metallic layer includes a plurality of isolated island-shaped structures. Crystal grains of the perpendicular magnetization film are formed so as to correspond to the isolated island-shaped structures. As a result, a high recording density is obtained.