A magnetic memory element includes a memory layer having magnetic anisotropy on the film surface thereof in the perpendicular direction and in which the magnetization direction is variable, a reference layer having magnetic anisotropy on the film surface thereof in the perpendicular direction and in which the magnetization direction is not variable, and a tunnel barrier layer which is interposed between the memory layer and the reference layer. The memory layer is made of an alloy including cobalt (Co) andiron (Fe). A plurality of oxygen atoms are present on both interfaces of the memory layer.