[PROBLEMS] To provide a process for producing a magnetic recording medium, which can simultaneously realize increased high recording density, high impact resistance, and prevention of corrosion, by providing an underlayer which, even when formed at a low gas pressure, can exhibit a high level of coercive force.[MEANS FOR SOLVING PROBLEMS] A process for producing a perpendicular magnetic recording medium, comprising the step of forming a nonmagnetic underlayer (18) having a granular structure, in which crystal particles are grown in a column form, on a substrate, and forming a magnetic recording layer (20) having a granular structure in which magnetic particles are grown in a column form. The process is characterized in that the underlayer (18) is any one of CoCr or CoCrX (wherein X is a nonmagnetic material), CoCr-oxide, and CoCrX-oxide, and the film forming gas pressure of the underlayer (18) is not more than 4 Pa.