A transistor using a physical property-changing layer, a method of operating the transistor, and a method of manufacturing the transistor are provided. The transistor may include an insulation layer formed on a substrate, the first and second conductive layer patterns, the physical property-changing layer, a dielectric layer, for example, a high dielectric layer, and a gate electrode. The first and second conductive layer patterns may be spaced apart from each other on the insulation layer. The physical property-changing layer may be formed on a portion of the insulation layer between the first and second conductive layer patterns. The dielectric layer may be stacked on the physical property-changing layer and the gate electrode may be formed on the high dielectric layer.