First-principles calculations and a model consideration of magnetically frustrated layered material PdCrO 2 are performed. The results on the exchange parameters are in agreement with the experimental data on the Curie-Weiss temperature (θ). We show that experimentally observed strong suppression of the Néel temperature (T N) in comparison with the Curie-Weiss temperature is due to three main factors. First, as expected, this is connected with the layered structure and relatively small exchange interaction along the c axis. Second, deformation of the ideal in-plane 120 • magnetic structure is crucial to provide finite T N value. However, these two factors are still insufficient to explain low T N and the large frustration factor |θ|/T N. Thus, we suggest a scenario of an exotic non-Fermi-liquid state in PdCrO 2 above T N within the frameworks of the Anderson lattice model, which seems to explain qualitatively all its main peculiarities.