Provided are a 3-dimensional (3D) flash memory with an improved degree of integration and a method of manufacturing the same. The 3D flash memory may include at least one vertical string formed to extend in one direction on a substrate and comprising a channel layer formed to extend in the one direction and a charge storage layer formed to extend in the one direction so as to surround the channel layer; a plurality of electrode layers stacked to be vertically connected to the at least one vertical string; and a source line formed to be buried in the substrate.