Provided are magnetic memory devices with a perpendicular magnetic tunnel junction. The device includes a magnetic tunnel junction including a free layer structure, a pinned layer structure, and a tunnel barrier therebetween. The pinned layer structure may include a first magnetic layer having an intrinsic perpendicular magnetization property, a second magnetic layer having an intrinsic in-plane magnetization property, and an exchange coupling layer interposed between the first and second magnetic layers. The exchange coupling layer may have a thickness maximizing an antiferromagnetic exchange coupling between the first and second magnetic layers, and the second magnetic layer may exhibit a perpendicular magnetization direction, due at least in part to the antiferromagnetic exchange coupling with the first magnetic layer.