Provided are: a CoFe system alloy for soft magnetic thin film layers in perpendicular magnetic recording media; and a sputtering target material. This alloy is an alloy for soft magnetic film layers in perpendicular magnetic recording media, and is formed of one or more elements selected from among Ge, Ru, Rh, Pd, Re, Os, Ir and Pt, and one or more elements selected from among Sc, Y, lanthanoids (atomic numbers 57-71), Ti, Zr, Hf, V, Nb, Ta, Mo, W and B, with the balance made up of Co, Fe and unavoidable impurities. This alloy satisfies, in atom%, all of the following formulae (a)-(d): (a) 0.1% ≤ TCR ≤ 10%; (b) 5% ≤ TAM ≤ 25%; (c) 13% ≤ TCR/2 + TAM + TNM ≤ 25%; and (d) 0 ≤ Fe%/(Fe% + Co%) ≤ 0.80.
