A memory system includes: a memory device; and a controller suitable for controlling the memory device to perform a serial read operation by providing a serial read command and a start physical address for the serial read command when an external read command includes a request for the serial read operation, the serial read command includes consecutive physical address numbers information, in response to the serial read command, the memory device sets a read bias, reads data stored therein with the set read bias according to the start physical address and the consecutive physical address numbers information, and then discharges the read bias.