A memory device, a host device and a method of operating the memory device are provided. The memory device includes a data signal generator configured to provide a data signal to a transmission driver, the transmission driver configured to output a multi-level signal having any one of first to third signal levels based on the data signal, a command decoder configured to receive a feedback signal from outside of the memory device and decode the feedback signal, a data signal controller configured to adjust the data signal based on a decoding result of the command decoder, and a drive strength controller configured to adjust at least one of the first to third signal levels based on the decoding result of the command decoder.