A multi-bit magnetic memory device using a spin-polarized current and methods of manufacturing and operating the same. The magnetic memory device includes a switching device and a magnetic storage node connected to the switching device, wherein the magnetic storage node includes a first magnetic layer, a second magnetic layer and a free magnetic layer which are vertically and separately disposed from one another. The first and second magnetic layer have transmission characteristics opposite to each other for spin-polarized electrons, and have magnetic polarizations that are opposite to each other. The free magnetic layer may include first and second free magnetic layers, which are separately disposed from each other. The magnetic storage node may further include third and fourth magnetic layers that are separately disposed between the first and second free magnetic layers.