A recording medium for thermomagnetic printers using a perpendicular recording method was developed using multilayered Co/Pd film. The magnetic properties necessary for a perpendicular recording medium were estimated from model calculations, and the cases of perpendicular and in‐plane recording were compared. In perpendicular recording, the profile of the attractive force on a toner particle depends on the particle height; more toner particles are attracted to the center of a recorded dot. The perpendicular magnetic properties of the multilayered Co/Pd film were improved by atmospheric annealing. Annealed film exhibited magnetic properties suitable for a recording medium. Using this medium, distinct images were developed for the first time with magnetic toner in perpendicular thermomagnetic printing. © 1999 Scripta Technica, Electron Comm Jpn Pt 2, 82(10): 18–26, 1999.