A magnetic recording medium for perpendicular magnetization includes a base of a nonmagnetic material, a first magnetic layer of a soft magnetic material on a surface of the base, a second magnetic layer having perpendicular anisotropy on a surface of the first magnetic layer, the second magnetic layer being magnetized in a transverse direction thereof. The second magnetic layer is composed of a three-element alloy of cobalt, chromium, and hafnium, cobalt being a main component with chromium and hafnium added thereto.