A memory system includes a memory device including a plurality of banks, each including row and column spares for replacing defective rows and columns; and a memory controller suitable for controlling an operation of the memory device, wherein the memory controller includes: a built-in self-test (BIST) circuit suitable for performing a test operation on the banks and generating fail addresses for each bank based on a result of the test operation; and a built-in redundancy analysis (BIRA) circuit suitable for determining first and second spare counts by respectively counting the number of repairable row spares and repairable column spares, and selecting a target repair address from the fail addresses for each bank, according to the first and second spare counts.