A magnetic memory element utilizing spin transfer switching includes a pinned layer, a tunneling barrier layer and a free layer structure. The tunneling barrier layer is disposed on the pinned layer. The free layer structure includes a composite free layer. The composite free layer includes a first free layer, an insert layer and a second free layer. The first free layer is disposed on the tunneling barrier layer and has a first spin polarization factor and a first saturation magnetization. The insert layer is disposed on the first free layer. The second free layer is disposed on the insert layer and has a second spin polarization factor smaller than the first spin polarization factor and a second saturation magnetization smaller than the first saturation magnetization. Magnetization vectors of the first free layer and the second free layer are arranged as parallel-coupled.