The quantity of oxide contained in a magnetic layer is controlled to control the crystal grains and the segregation structure for ensuring low noise characteristic in a granular magnetic layer of a perpendicular magnetic recording medium. The granular magnetic layer consists of ferromagnetic crystal grains and a nonmagnetic grain boundary region mainly of an oxide surrounding the ferromagnetic crystal grains. The perpendicular magnetic recording medium has a nonmagnetic underlayer composed of a metal or alloy having hexagonal closest-packed crystal structure. The ferromagnetic crystal grain is composed of an alloy containing at least cobalt and platinum. The volume proportion of the nonmagnetic grain boundary region mainly of the oxide falls within a range of 15% to 40% of the volume of the total magnetic layer.