A memory device having an improved threshold voltage distribution includes: a memory block including a plurality of memory cells; a peripheral circuit configured to perform an erase operation on the memory block; and control logic configured to: control the peripheral circuit to suspend the erase operation in response to a suspend command received from an external source, determine an erase state of the plurality of memory cells by using a plurality of erase state verify voltages in response to a resume command received subsequently to the suspend command, and determine a level of an erase voltage to be applied to the memory block and an erase voltage applying time for which the erase voltage is to be applied based on the determination result.