Abstract: A perpendicular magnetic recording medium is provided, which has a backing layer, a primer layer, an intermediate layer and at least one perpendicular magnetic recording layer, and is characterized in that the perpendicular magnetic recording layer contains Co and Cr, and at least one of the perpendicular magnetic recording layer or layers has a granular structure comprising ferromagnetic crystal grains and grain boundaries comprised of non-magnetic tungsten oxide. The perpendicular magnetic recording layer may be a double-layered structure comprising the tungsten oxide grain boundary-containing layer and a Cr oxide, Si oxide, Ta oxide or Ti oxide grain boundary-containing layer formed on the tungsten oxide grain boundary-containing layer. The perpendicular magnetic recording medium exhibits good perpendicular orientation and has ferromagnetic crystal grains with extremely small grain size, and thus, is superior in high recording density characteristic.