This technology provides an electronic device and a method of fabricating the same. An electronic device in accordance with an implementation of this document includes semiconductor memory, and the semiconductor memory includes a contact plug which is disposed over a substrate and extends in a vertical direction; a variable resistance element which is coupled to the contact plug and includes a first magnetic layer having a variable magnetization direction, a second magnetic layer having a pinned magnetization direction, and a tunnel barrier layer interposed between the first magnetic layer and the second magnetic layer; and a third magnetic layer which surrounds a sidewall of the contact plug and has a same magnetization direction as the second magnetic layer.