Disclosed is a memory device including a magnetic storage element. The memory device includes a memory cell array, a voltage generator, and a write driver. The memory cell array includes a first region and a second region. The memory device is configured to store a value of a first read current determined based on a value of a reference resistance for distinguishing a parallel state and an anti-parallel state of a programmed memory cell. The sensing circuit is configured to generate the first read current based on the value of the first read current and to perform a read operation on the first region based on the first read current.