A perpendicular magnetic recording medium, which includes a nonmagnetic substrate, and a first underlayer in the form of a soft magnetic under-layer (SUL), a second underlayer, an intermediate layer, a magnetic recording layer, a protective layer, and a lubricant layer sequentially laminated on the nonmagnetic substrate. The SUL has a plurality of SUL layers including a type-A SUL layer, a plurality of type-B SUL layers including at least two adjacent type-B SUL layers, and a nonmagnetic metal spacer layer disposed between the two adjacent type-B SUL layers. The type-A SUL layer may include a material selected from Co, Fe and Ni, a material selected from Cr, V and Ti, and a material selected from W, Zr, Ta and Nb. Each of the type-B SUL layers is in antiferromagnetic coupling, and may include a material selected from Co, Fe and Ni, a material selected from Cr, V and Ti, and a material selected from W, Zr, Ta and Nb.