According to one embodiment, a magnetic memory element includes a stacked body and a conductive shield. The stacked body includes first and second stacked units. The first stacked unit includes first and second ferromagnetic layers and a first nonmagnetic layer. The first ferromagnetic layer has a fixed magnetization in a first direction. A magnetization direction of the second ferromagnetic layer is variable in a second direction. The first nonmagnetic layer is provided between the first and second ferromagnetic layers. The second stacked unit includes a third ferromagnetic layer stacked with the first stacked unit in a stacking direction of the first stacked unit. A magnetization direction of the third ferromagnetic layer is variable in a third direction. The conductive shield is opposed to at least a part of a side surface of the second stacked unit. An electric potential of the conductive shield is controllable.