A hybrid memory system is provided that combines the advantages of NAND flash memory devices with the advantages of NOR flashes memory devices. The system includes a NAND flash memory portion to provide mass storage and fast programming/erasure capabilities of conventional NAND flash memory devices. The system further comprises a NOR flash memory portion to provide code storage and fast random reading capabilities of conventional NOR flash memory devices. Accordingly, the hybrid memory system provides both mass storage and code storage along with fast programming/erasure speeds and fast random access speeds.