Reducing media noise is a key to realizing high areal recording density. However, perpendicularly oriented Co-Cr films, stong candidates for high density recording media, have received little attention in terms of recording noise. We studied the noise characteristics of Co-Cr based alloy films by varying the compositionally separated structure. Co-Cr films with fine compositionally separated microstructure were observed to have low noise, which recording density dependence were negative or week. Studies on control of the microstructure and magnetic properties in combination with noise analysis are important to realize high density recording media.