There is provided a perpendicular magnetic recording medium comprising a non-magnetic layer having a face-centered cubic structure, an antiferromagnetic layer provided on the non-magnetic layer, a soft magnetic underlayer provided on the antiferromagnetic layer, and a perpendicular recording layer provided on the soft magnetic underlayer, which magnetic recording medium makes it possible to realize a recording density not less than 50 Gb/in.sup.2 and makes the error rate thereof low while suppressing the spike noise.