[Problem] An object is to provide a perpendicular magnetic recording medium that can realize both improvement in crystal orientation and refinement of crystal grain size and can achieve a higher recording density and a higher SN ratio, and a method of manufacturing the same.[Solution] A perpendicular magnetic recording medium 100 of the present invention is a perpendicular magnetic recording medium 100 having a base plate 100, and a laminate film including a first ground layer 150a provided on the base plate 100, a second ground layer 150b provided on the first ground layer 150a, and a main recording layer 160 provided on the second ground layer 150b and containing a magnetic material having a granular structure, wherein the magnetic material which constitutes the main recording layer 160 contains a CoCrPt alloy, and a material which constitutes the second ground layer 150b contains an Ru—Co oxide alloy.