To apply Nd–Fe–B thin films for mass-produced heat-assisted magnetic recording media, we investigated the high-rate sputtering conditions required to obtain c-axis textured Nd2Fe14B thin films and analyzed the growth mechanism. Magnetization curves indicated that higher substrate temperatures and sputtering rates resulted in a higher degree of perpendicular magnetic anisotropy; a Nd–Fe–B layer deposited at a substrate temperature (Tsub_0) of 600 °C and a sputtering rate (Rsp) of 2.6 nm/s had the easy axis perpendicular to the film plane. The dependence of the magnetic properties on the sputtering rate was due to a decrease in the substrate temperature during sputtering; there was a threshold for obtaining a high squareness ratio. X-ray diffraction analysis and transmission electron microscopy (TEM) images showed that the c-axis textured Nd2Fe14B crystal phase was formed in the Nd–Fe–B layer deposited at Tsub_0 = 600 °C and Rsp = 2.6 nm/s, which resulted in the highly perpendicular magnetic anisotropy. In addition, the TEM images showed a layer of Nd2Fe14B with no obvious lattice fringes near the interface between the Nd–Fe–B layer and Mo underlayer, while the lattice fringes of the Nd2Fe14B phase were not parallel to this interface but gently curved along the Mo cap layer. We propose that the c-axis orientation was achieved by the rotation of the c plane, which has the lowest surface energy in the Nd2Fe14B phase, toward the vacuum-side surface during sputtering.