A magnetic recording medium including a magnetic recording layer and a substrate that supports the magnetic recording layer is provided. At least two underlayers including a nonmetallic underlayer are placed between the magnetic recording layer and the substrate. The perpendicular magnetic recording medium uses a double-layered or tri-layered underlayer. Accordingly, a perpendicular magnetic recording layer can have a high perpendicular magnetic anisotropic energy constant Ku due to a third underlayer and have small crystal grains and a small exchange coupling due to a second underlayer below the third underlayer. Thus, the perpendicular magnetic recording layer can have a good thermal stability, high-density recording characteristics, and excellent SNR characteristics.