There is provided a memory element including a memory layer that has magnetization perpendicular to a film face; a magnetization-fixed layer that has magnetization that is perpendicular to the film face; and an insulating layer that is provided between the memory layer and the magnetization-fixed layer, wherein an electron that is spin-polarized is injected in a lamination direction of a layered structure, and thereby the magnetization direction of the memory layer varies and a recording of information is performed, a magnitude of an effective diamagnetic field which the memory layer receives is smaller than a saturated magnetization amount of the memory layer, the insulating layer is formed of an oxide film, and the memory layer is formed of Co—Fe—B, a concentration of B is low in the vicinity of an interface with the insulating layer, and the concentration of B increases as it recedes from the insulating layer.