A perpendicular magnetic recording medium, which has a low level of recording noise and sufficiently large perpendicular magnetic anisotropy energy relative to demagnetizing field energy, includes a substrate and a multi-layered magnetic film. The multi-layered magnetic film is composed of ferromagnetic metal layers of Co alloy containing at least Cr and non-magnetic metal layers of Pd alloy, each one layer of which are laminated alternately on top of one layer of the other. The ferromagnetic metal layers and the non-magnetic metal layers have a thickness of d1 and d2, respectively, with the ratio of d1/d2 being in the range of 1.5 to 4.0. This specific layer structure reduces the magnetic exchange interaction between magnetic particles in the multi-layered magnetic film. Therefore, the perpendicular magnetic recording medium is stable against thermal disturbance and has a low level of recording noise.