A nonvolatile memory element includes: a first electrode layer; a second electrode layer; and a variable resistance layer which is placed between the electrode layers, and whose resistance state reversibly changes between a high resistance state and a low resistance state based on a polarity of a voltage applied between the electrode layers. The variable resistance layer is formed by stacking a first oxide layer including an oxide of a first transition metal and a second oxide layer including an oxide of a second transition metal which is different from the first transition metal. At least one of the following conditions is satisfied: (1) a dielectric constant of the second oxide layer is larger than a dielectric constant of the first oxide layer; and (2) a band gap of the second oxide layer is smaller than a band gap of the first oxide layer.