A perpendicular magnetic recording medium according to which both the thermal stability of the magnetization is good and writing with a magnetic head is easy, and moreover the SNR is improved. In the case of a perpendicular magnetic recording medium comprising a nonmagnetic substrate (1), and at least a nonmagnetic underlayer (2), a magnetic recording layer (3), and a protective layer (4) formed in this order on the nonmagnetic substrate (1), the magnetic recording layer (3) comprises a low Ku region (31) layer having a perpendicular magnetic anisotropy constant (Ku value) of not more than 1×105 erg/cm3, and a high Ku region (32) layer having a Ku value of at least 1×106 erg/cm3. Moreover, the magnetic recording layer (3) is made to have therein nonmagnetic grain boundaries that contain a nonmagnetic oxide and magnetically isolate crystal grains, which are made of a ferromagnetic metal, from one another.