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 ($theta$). We show that experimentally observed strong suppression of the Neel 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$^{circ}$ 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 $|theta|/T_N$. 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.
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