A memory device includes a cross-point array of magnetoresistive memory cells. Each magnetoresistive memory cell includes a vertical stack of a selector-containing pillar structure and a magnetic tunnel junction pillar structure. The lateral spacing between neighboring pairs of magnetoresistive memory cells may be smaller along a first horizontal direction than along a second horizontal direction, and a dielectric spacer or a tapered etch process may be used to provide a pattern of an etch mask for patterning first electrically conductive lines underneath the magnetoresistive memory cells. Alternatively, a resist layer may be employed to pattern first electrically conductive lines underneath the cross-point array. Alternatively, a protective dielectric liner may be provided to protect selector-containing pillar structures during formation of the magnetic tunnel junction pillar structures.