In a resistance change memory (ReRAM) storing data by utilizing change in resistance of a resistance change element, a transistor T, interlayer insulating films, W plugs and the like are formed on a semiconductor substrate. Thereafter, a Pt film serving as a lower electrode of the resist change element is formed and a transition metal film (Ni film) is formed on the Pt film. After that, the surface of the transition metal film is oxidized to form a transition metal oxide film and a Pt film serving as an upper electrode is formed on the transition metal oxide film.