A magnetic memory element having a layer structure containing a fixing layer (pinned layer: PL) having a magnetization direction fixed unidirectionally, a nonmagnetic dielectric layer (TN1) in contact with the fixing layer (PL), and a memory layer (free layer: FL) having a first surface in contact with the nonmagnetic dielectric layer (TN1) and a second surface on the opposite to the first surface, the magnetization direction of the memory layer (FL) having a reversible magnetization direction in response to the current through the layer structure. The entire surface of the first surface of the memory layer (FL) is covered with the nonmagnetic dielectric layer (TN1) and in the joint surface of the nonmagnetic dielectric layer (TN1) and the fixing layer (PL), the first surface of the nonmagnetic dielectric layer (TN1) is exposed in a manner of surrounding the joint surface.