A memory device includes a calibration circuit having a pull-up code generator including a pull-up resistor block and generating a pull-up code, and a pull-down code generator including a replica pull-up resistor block and a pull-down resistor block and generating a pull-down code, and an off chip driver/on die termination circuit providing a termination resistance having a resistance value set by the calibration circuit in a data reception operation and outputting data at an output strength set by the calibration circuit in a data output operation. In a calibration operation, a resistance value of the replica pull-up resistor block is adjusted to be less than a resistance value of the pull-up resistor block, and the pull-down code has a code value by which a resistance value of the pull-down resistor block corresponds to the resistance value of the replica pull-up resistor block.